EASYPAISA: Transforming digital financial space in Pakistan.

Byline: Shabbir Kazmi

Easypaisa is Pakistan's first mobile banking platform launched in 2009, the only GSMA mobile money certified service in the country. Initially launched as a money transfer service, Easypaisa empowers underserved masses by bringing convenience and freedom to their lives, and has today become an icon in money transfers, synonymous with convenience and reliability.

Easypaisa was launched in 2009, and began with just 4,000 outlets across the country. At present it has more than 84,000 outlets catering more than 7 million active users. Initially, it began with just money transfer through USSD codes sent through conventional mobile phones. Now Easypaisa is a complete digital banking solution providing the same features as a conventional bank account would.

In May 2016, Easypaisa launched its Smartphone application, which is now the most convenient banking solution for all classes of people. The app currently has more than 10 million downloads on the app store and has 5.6 million device active customers. While a conventional bank app only allows transfer between accounts, Easypaisa enables transactions from one individual to another and requires a valid NIC and mobile number.

Easypaisa provides an extensive range of services that consumers can enjoy all the perks of digital banking without having to open a bank account. With the Easypaisa App customers can: 1) transfer money, 2) top-up their mobile balance including exclusive bundles from all telecom service providers (Jazz, Telenor, Zong and Ufone), 3) pay bills of all utilities services and various independent platforms as well, 4) pull money from IBFT bank accounts to Easypaisa, 5) purchase tickets for movies and buses at select locations and avail exciting discounts and cash backs while maintaining their digital wallets balance.

In March 2018, Ant financial services group (the investment wing of the global Alibaba Group) reached a strategic agreement with the Telenor Group (owners of Telenor Micro-Finance Bank and Easypaisa) to invest US$184.5 million for a 45 percent stake. Over the past 10 years, the service has evolved, the customer base increased and investors grew considerably. In 2019, Easypaisa completed a decade of transforming the digital financial space in the country. On completion of 10 years in the market, Easypaisa completely revamped its image coming out with a new identity with an updated logo in 2019 November.

Easypaisa has been conferred various awards...