Demonetisation for changing payment behavior and building platforms

This paper discusses various issues relating to the pricing of mobile payments and how pricing decisions affect consumer adoption of mobile wallets in developing countries. It discusses how the demonetization of digital payment instruments can positively affect the perceived utility and hence adoption of mobile payment, in addition to the associated network effects and implications for Big Data. It also suggests that FinTechs are the best candidates to demonetize payments. It further explains how mobile wallets can be used as the foundations for applications and services that mobile financial service providers have been unable to provide by themselves.

Qasif Shahid is Chief Executive Officer of Finja, a FinTech startup that he co-founded. Qasif is also the founder of FinSurgents, a financial services startup consultancy. He has close to 20 years of international experience in building, managing and growing digital financial services, products and businesses. His prior roles include Head of Digital Banking for MCB in Pakistan, Head of Digital Banking at Standard Chartered Pakistan and Head of Marketing and Digital Channels for ABN AMRO Singapore.

Lubna Razaq is Director of the FinTech Centre at the Information Technology University, Lahore. As well as managing the center, Lubna provides thought leadership to research into digital financial services. Prior to this, Lubna was working as a consultant with FinSurgents, where she led the ‘Framework for rooting FinTechs in Pakistan’ study.
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