A significant accusation on the digital era is that it is making people deprived of cash. Online shopping and e-payments methods have made it difficult for a person to touch the money he has earned. But the question is, does such deprivation even matter? The popularity of online payment apps, like Keenu Wallet, is proof that all people are interested in is getting the final value. Missing a touch of the crisp-currency notes is not a big deal, when they have access to what they want.
The psychological impact of not seeing the earnings in cash form is a subject of future. In the present, the products like Keenu Wallet are the talk of the town for their role in the e-commerce sector.
How Keenu Wallet Works?
Keenu Wallet is just a smartphone app that allows the online shopper to do the transaction through a mobile phone. In a simple registration method, users have to sign up using their mobile number and then make a deposit either online or by visiting the bank. The primary feature of this e-wallet is to facilitate online payments for e-shopping. The company is registered with more than 500 online stores, including some famous brands. So, buyers who shop from these outlets can make payment from their wallet, anywhere anytime.
Other exciting features of Keenu Wallet include moving money to a friend’s account, requesting payment, paying utility bills and recharging the SIM card.
Keenu Wallet also claims to reward its users in the form of discounts and promotional offers. The idea seems to be brilliant for encouraging people to buy from online platforms to save big. The behavior of online shoppers reveals, that they are more likely to benefit from online sales opportunity. As in 2016, Daraz and Kaymu earned more than PKR 1 billion revenue during Black Friday. So, if shoppers need an e-payment platform that offers more discounts, then they would avail this opportunity.
Impact on E-commerce in Pakistan
Due to the introduction of 3G/4G technology, the number of internet users in Pakistan has surpassed 34 million. The most of these users access online platforms through smartphones and tablets. So, if users have such apps that allow them making payments, just by tapping the screen, then they would benefit from these opportunities. The boost in online shopping in Pakistan is already making companies like Alibaba to show interest in Pakistan’s E-commerce. Presence of more online stores in the region would also increase the bargaining power of consumers while making them switch to online platforms.
Pakistan’s way to Cash Free Economy
As far as Pakistan’s future of the cash-free economy is concerned, then it depends upon digitization of the processes. Apps like Keenu Wallet are playing a prominent role to boost the process, but the country still has to go a long way. According to export.gov, almost 60% Pakistan’s economy is informal while only 16% of the population has a bank account. Given such circumstances, the digital facilitation is not enough, if a supporting government corporation is non-existent.