The COVID-19 pandemic has disrupted industries worldwide, forcing rapid changes that will reshape how we manage and think about money, especially in Pakistan.

In 2002, SARS spurred digitization in China

China experienced a similar disruption during the 2002 SARS outbreak, which led to a surge in digitization. Alibaba, then a young company, built the foundation for a digital commerce revolution, leading to its valuation of $500 billion today. The transformation that began with SARS can offer insights into the digital shift that COVID-19 might inspire in Pakistan.

SadaPay recently hosted a webinar with change leaders Abdul Rahim (CTO & CISO at Securities and Exchange Commission of Pakistan) and Atyab Tahir (Country Manager Pakistan at Mastercard), alongside SadaPay's CEO Brandon Timinsky and COO Omer Salimullah, to discuss what the future holds for the financial sector in Pakistan.

Here are key insights from the discussion:

Acceleration of digital financial services

Digital banking will likely lead the way in the post-COVID world, providing cost-effective financial services and driving financial inclusion. In Pakistan, where many people lack access to traditional banking, mobile phones could open doors for widespread financial access.

Avoid cash at all costs

COVID-19 has heightened awareness around hygiene, accelerating the decline of cash usage. As fear of germs and bacteria on physical currency grows, digital payment methods will become more necessary and popular.

Spend less, save more — systematically

Amid economic uncertainty, consumers will prioritize essential spending and increase savings. Budgeting tools and apps will gain popularity as individuals strive to manage their finances more effectively.

Simplifying digital payments

Digital payments need to be as simple and intuitive as using WhatsApp compared to the complexities of older methods like fax. Ease of use will be key to ensuring widespread adoption.

Physical merchants embracing new payment methods

Post-COVID psychological effects will linger, reducing in-person transactions. Physical merchants will need to adapt to digital payments and e-commerce, leading to a swift rise in online business operations.

‍