Over the last few years, there have been growing efforts in
Pakistan to increase the usage of digital and mobile payment
services as an alternative to cash based transactions. While the
more traditional "mobile banking services" –
through which customers of a bank can access their bank accounts
via their mobile devices – are being offered by various banks
in Pakistan, increased attention is being paid to "mobile
payment" services which can include the creation and issuance
of new payment instruments in a mobile manner. Some prominent
examples of such services are providers that offer issuance of
virtual debit cards, and digital or e-wallets.
Digital wallets1 in particular can position
themselves almost as a functional alternative to a traditional
basic bank account because (if the full suite of services are
offered) they are not only able to reflect stored value for their
users, but the users can also utilize the stored value to acquire
goods or services. However,
