Funds transfer: The dying necessity of money orders!

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The website of Pakistan Post—the national postal services provider—reads “Pak Post remittance services (Money Orders) are very popular.” While the fact is, over the years, this particular service has been hitting a snag because of super active telecom companies offering exciting financial services too.

A sharp decline in Money Orders (MOs), in terms of remittances, issued by Postal Service in Punjab from the year 2009 to 2014 is the evidence in this regard. One can assume the situation might not be different in other parts of the country owing to strong network of mobile operators across Pakistan.

In 2009 money order of value Rs 72,103 million were issued in Punjab in 2009-10 while the value sharply went down to Rs 8,948 million in 2012-13 and Rs 9,161 in the year 2013-14.

Interestingly, there is no significant decrease in the number of MOs issued. In 2009-10 as many as 1,900 money orders were issued while in 2013-14 the number was 1,820.

As per the data mentioned in Punjab Development Statistics 2015 by Bureau of Statistics Punjab the number of post offices in the province has also gone down from 3,689 (year 2009-10) to 3,626 (year 2013-14). Similarly, the number of letter boxes also declined from 7,106 to 5,513 during the same period.

 

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