Potential of digital payment solutions

Pakistan, with one of the fastest-growing populations across the globe, accounts for 200,000 freelancers and over 7,000 registered small and medium enterprises (SMEs).

Cashing in on this growing market is Easypaisa, Pakistan’s first mobile banking platform launched in 2009, is aimed at transforming the way people pay their utility bills and transfer cash to any account.

In 2019, Easypaisa completed a decade of transforming the digital financial space in the country. Over the past 10 years, the service has evolved, the customer base increased and investors grew considerably. Two years ago, Easypaisa launched its smartphone application which is now the most convenient digital payments solution for all classes of people.

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Omar Moeen Malik – Head of Digital Payments & Wallets briefed the reporters on an upgraded version of the Easypaisa mobile application. He elaborated on the success of Pakistani mobile wallet, mobile payments, and branchless banking services and also detailed how the new app was a one-stop solution for everything.
Currently at 10 million+ downloads on the App Store, the digital payment platform received an overwhelming response from the working-class that considered it a safe way to transfer money from one place to another and now, the company wants everyone to use the app and benefit from the ease of digital payment.

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“We want not just customers but also companies to see it as a platform,” stated Malik. With 6 million active account users of the service, Easypaisa has grown from 4,000 stores in 2009 to 75,000 stores at present.

When asked how Easypaisa planned to transform the digital landscape of Pakistan, Malik added that digitisation could very well enhance productivity keeping in view the hassle of completing basic documentation in most government departments of the country. “There is immense need to increase productivity and steer digitisation in all sectors of the economy so work gets done faster and less time is wasted,” he said.

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Easypaisa lets the customers: transfer money, top-up their mobile balance including exclusive bundles from numerous service providers, make bill payments, transferring money from IBFT bank accounts to Easypaisa wallet, purchasing tickets for movies and buses at select locations, exciting discounts and cash backs and maintain their digital wallets.

Raja Hamid
Author: Raja Hamid

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