Mobile Banking

e-Banking Grows in pakistan

2
2 years ago
by Ammar in , , ,

By Haris Waheed

Electronic payments continued to show a rising trend as both the number and value of such transactions increased in the second quarter (Oct-December) of the current 2009-10 fiscal year (FY10).

According to State Bank’s Second Quarterly Report on Retail E-Payments and Paper Based Instruments released late last month, the volume and value of E-Payments transactions in the country during the second quarter of FY10 reached 46.4 million and Rs 4.1 trillion respectively showing an increase of 0.2 percent in number and 6.1 percent increase in value as compared to 4.0 percent increase in number and 0.3 percent increase in value in the previous quarter. (more…)

EasyPaisa Mobile Account

7
2 years ago
by Ammar in , , , , , , ,

‘Meet the Product’ they called it and had invited several bloggers from Karachi. It was to be the launch of EasyPaisa ‘Mobile Account’, a service that brings the convenience of mobile banking to the household. It enables users to Pay Utility Bills, Transfer Money, Check Account Balance and View Mini-Statement. Let me share an event timeline and how it unfolded yesterday:

7:10 PM – Recitation of the holy quran by Mr. Omair Ahmed

7:15 PM – Telenor Manager Corporate Communication, Mr. Affan Haider, starts his talk about the EasyPaisa Idea and its potential. He highlighted that EasyPaisa had processed more than 420,000 bill payment transactions and 120,000 Money transfer transactions. By far the highest number of bills payed on an electronic channel. He also spoke about the contribution of the telecom industry to Pakistans growth and how Easy Paisa is actually making a contribution to Pakistans economy.

(more…)

Mobile Banking, prospects and comparison

1
2 years ago
by Ammar in , , , ,

The launch of Mobile Banking in Pakistan marks the beginning of another strong Alternate Delivery Channel for the Pakistani e-Banking industry. While several banks already have splendid endeavors in place to support branch-less and round-the-clock banking, the use of Mobile payments will definitely take the advantages of regularized financial institutions to the mass majority in Pakistan who do not even have bank account.

While State Bank of Pakistan has continued to place emphasis on Financial Institutions and Telecom operators to form viable partnerships so as to introduce banking services to financially excluded communities, the initiative has come forth with Tameer Microfinance Bank and Telenor Pakistan’s easypaisa. The brand, based on bank-led model, aims to offer a suite of products including micro payments to merchants, P2P transfers between individuals, bill payments to utility companies and domestic remittances. . While easypaisa has launched bill payment and money transfer, its initial two over the counter products to cater to the basic financial needs of the population; the potential for increased financial access and service penetration has life changing prospects with mobile products that are yet to come. (more…)

M-Banking: Mobilink to start International Remittance

2
2 years ago
by Ammar in , , ,

Mobile Banking initiatives in Pakistan will touch new heights when Mobilink announces the commercial launch of its remittance services for Non-Resident Pakistani’s. ORASCOM Telecom (of which Mobilink is a subsidiary) has inked a contract with Western Union Money transfer service that will enable all its mobile operators in several countries worldwide to provide cross-border remittance facility.

The aim of both companies is very simple: To make low-principal, high-frequency remittances more convenient to millions of consumers.

Orascom Telecom, which was established in 1998, operates six mobile networks with a combined total of 77 million subscribers, including Djezzy in Algeria, Mobilink in Pakistan, Mobinil in Egypt, Tunisiana in Tunisia, Banglalink in Bangladesh, and Telecel Zimbabwe in Zimbabwe. In addition, in early 2008, Orascom Telecom acquired a license in North Korea to operate mobile services. (more…)

Money transfer via Mobile: Telenor Easy Paisa

11
2 years ago
by Ammar in , , ,

ep_logoBefore I begin, allow me to speak of the success of Telenor Easy Paisa’s Utility Bill payment service. Listing down some quick facts about the bill payment service:

  • More than 47000 bills paid across Pakistan
  • Total amount of bills paid exceeds Rs. 58.8 million

It can be safely said that the Easy Paisa method of bill payment has been received well by consumers and people have started to rely on it. The usage stats are more than the bills paid at ATMs in Pakistan.

Now like it was expected, Telenor has started expanding the set of transactions offered over its ‘Easy Paisa’ service. After the success of utility bill payments, Telenor has launched its ‘money transfer’ transaction that makes it possible for absolutely ANY customer to send and receive money as the receiving and sending of money does not necessarily require a cell phone.

Telenor’s target market appears to be ‘Domestic Remittance’ users in Pakistan i.e. People residing in urban areas for work and sending money from one city to the other or to their native villages. It also aims to work as a replacement of ‘traveller cheques’.

(more…)

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