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EASYPAISA — revolutionizing the financial inclusion

Published on 22nd Aug, Edition 34-35, 2016

 

Addition of term deposits and credit facilities make Easypaisa Account a full service banking solution

Commencing operations in 2009, Easypaisa is serving consumers including corporations and government projects with convenient, reliable and secure financial services. It is effectively bringing the unbanked population of Pakistan in the formal financial flow. Easypaisa remains at the forefront of empowering people through innovative, technologically driven and low cost financial services.

New feat

Pakistan’s leading Easypaisa Mobile Account can now be opened on any mobile operator SIM as the first and largest branchless banking service – Easypaisa — introduced the two new features designed to bridge the financial inclusion gap in Pakistan. Everyone in Pakistan regardless of their operator’s SIM can now open the industry leading Easypaisa Mobile Account and operate it via any of the widest available channels of their choice including App, SMS, USSD or phone banking.

The Easypaisa app enhances the experience of using branchless banking services by folds. It enables users to send money to any CNIC in Pakistan or into any account, be it branchless or traditional banking account, with extreme ease.

Similarly, paying utility bills of any utility company in Pakistan or buying any operator’s airtime is now a much more user-friendly and faster experience. For non-smartphone users, the SMS based transaction experience is as fast, slick and user-friendly as the previously used USSD experience was, this completes the full range.

Moreover, in the true essence of financial empowerment for the masses of Pakistan, Easypaisa is once again leading the industry with the launch of a term deposit plus running finance offer. Easypaisa’s dual value product offers a term deposit with attractive returns and credit facility with instant approval bundle for Easypaisa account users. The deposit product offers 10 percent return on savings with a monthly profit payout; these are one of the best terms available by any bank in the country. Furthermore, customers can get credit line at cheapest available borrowing rates without having to break their deposit.

The customer journey for the product is a major innovation, dropping tedious paperwork requirements and wet signatures. No longer do people need to stand in queues, and submit extensive paperwork for basic financial services. This service brings unparalleled convenience, the first of its kind to eligible Easypaisa customers.

With pioneering digital products suite, special attention to the needs of customers has been introduced. The Easypaisa account has been the cornerstone of financial inclusion, offering banking and other financial services on the mobile phone.

Now with the addition of term deposits and credit facilities, Easypaisa Account has become a full service banking solution which is available instantly in a safe and convenient manner.

In the true essence of financial empowerment for the masses of Pakistan, Easypaisa is once again leading the industry with the launch of a term deposit plus running finance offer.

Easypaisa’s dual value product offers a term deposit with attractive returns and credit facility with instant approval bundle for Easypaisa account users. Customers can get credit line at cheapest available borrowing rates without having to break their deposit.

The customer journey for the product is a major innovation, dropping tedious paperwork requirements and wet signatures. No longer do people need to stand in queues, and submit extensive paperwork for basic financial services. This brings unparalleled convenience, the first of its kind to eligible Easypaisa customers.

With pioneering digital products suite, special attention has been to the needs of customers by expanding the value proposition of Easypaisa Account, while reaffirming ambition of banking-for-all.

The Easypaisa account has been the cornerstone of financial inclusion, offering banking and other financial services on the mobile phone. Now with the addition of term deposits and credit facilities, Easypaisa Account has become a full service banking solution which is available instantly in a safe and convenient manner.

 

Another platform

Pakistan’s first and largest Mobile Money brand, Easypaisa, has announced its successful upgradation to the next generation Financial Services platform established by world renowned technology provider Ericsson. Offering a number of added functionalities, the new platform with its open Application Programming Interface (API) protocol will enable better than ever speed to product development and pricing, resulting in enhanced service quality and meeting the ever-evolving needs of the customers.

The platform switch is a giant leap for Easypaisa and means more than a new state-of-the-art mobile money solution. It will allow consumers to conduct secure mobile banking transactions with ease and helps operators bring mobile money to even more unbanked citizens. It also means newer interfaces like web, and apps for tablets and smartphones, making access to Easypaisa Mobile Account easier than ever. This advancement brought about by the new platform will put Easypaisa in the hands of more people than ever before.

The launch of these Easypaisa has achieved yet another milestone that will revolutionize and fuel the next wave of growth in the Mobile Money industry. Through the Easypaisa App and SMS based Other Mobile Operator interoperability, are providing anyone in Pakistan.

Regardless of their telco Operator’s SIM not only enhanced functionality and freedom to opt for Easypaisa as their preferred mobile money account, but also a choice of interface amongst the many channels that we offer. This unparalleled convenience and accessibility will eventually translate into financial inclusion for an ever increasing number of subscribers.

Largest mobile money deployments globally

Easypaisa Accounts’ convenience and accessibility have made it one of the most popular bank accounts in Pakistan with over almost 2 million active subscribers. In many rural areas of Pakistan it continues to be the only banking option available. Easypaisa Accounts allow subscribers to send, receive, or save money, pay their utility bills, buy any mobile network’s airtime, pays online, get insurance and more.

Easypaisa empowers customers with multi-channel and user-friendly interfaces, offering a choice between USSD, phone banking, ATM, SMS service and the Easypaisa App.

Easypaisa is continuously focusing on enhancing customers’ experience of doing financial transactions in a secure and seamless manner. It’s essential to have the right technology partner to roll out new services, which provide added benefits and services to propel financial inclusion through branchless banking.

With more than 21 million active consumers, Easypaisa is one of the largest mobile money deployments globally. The platform upgrade will benefit not just Easypaisa but also all of its customers, retailers and partner organizations.

Easypaisa has the largest financial footprint in Pakistan with over 75,000 Easypaisa shops in more than 800 cities across the country. Nearly 650,000 transactions are conducted on Easypaisa every day by 20 million active customers. In 2015, Easypaisa moved nearly 3 percent of Pakistan’s GDP.

Easypaisa has the largest product portfolio of services for its customers including remittances, payments, savings and insurance and offers ATM cards and IBFT services that work with all banks connected through 1-Link in Pakistan.

How it goes for financial inclusion

The first award category, ‘Bank the Unbanked’ recognizes Tameer Bank for the work it has done on financial inclusion in Pakistan.

As the first microfinance bank and the financial powerhouse behind Easypaisa, Tameer Bank has brought financial services to millions of Pakistanis, with over 75,000 touch points and more than 21 million active customers. This award is particularly significant as it reflects Tameer’s penetration in rural and low-income urban segments of the society, particularly women. Tameer Bank, through its microfinance leadership and branchless banking services, is committed to accelerating socio-economic development.

Tameer Bank grabbed its second award ‘Best Microfinance Bank’ for its exceptional performance in expanding outreach through penetration, efficiency and innovations along with both strong bottom line and social impact.

Tameer Bank provides microfinance and related financial services to the less privileged, unbanked segment of the society with an aim to contribute towards poverty eradication, and boasts the largest microfinance portfolio in Pakistan.

Easypaisa looks forward to embarking on an extraordinary journey of mass financial inclusion by leading the mobile financial industry with futuristic technology.

Pakistan’s first and largest branchless banking service Easypaisa has won the PAS Award 2016 in ‘Best in Digital’ category. Telenor Pakistan also won the PAS Award 2014 in the same category for its Customer First Day campaign.

Easypaisa and Cinepax Cinemas have partnered to give cinemagoers 50 percent discount on movie tickets by paying through Easypay at Cinepax Cinemas in Karachi, Lahore and Rawalpindi.

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