Bank Accounts go Mobile with Telenor Easy Paisa: First Look
As we mentioned earlier today, Telenor has launched Easy Paisa Mobile Accounts. Curtain raiser is on the roll in Karachi right now – meanwhile, we got hold of this early product information that we are sharing with you.
By definition, Easy Paisa Mobile account is similar to a bank account that you can manage through your cell phone. Or let’s put it in another way, if you have Mobile Account with Easy Paisa, you may not need to have a bank account to manage your money.
As of now, we know that you can pay bills, transfer money domestically, internationally and even you can save money in your Easy Paisa Mobile Account.
Though there are transactional limits (from State Bank), which we can expect to fade away with time.
How to open Easy Paisa Mobile Account
Unlike Easy Paisa’s earlier services, Easy Paisa Mobile Account is offered to only Telenor customers. If you have a Telenor number (even if you are a ported customer), opening a Mobile Account is pretty simple. It goes like following
- Go to any Telenor Service Center, Franchise or Tameer Bank
- You should have a Telenor SIM (registered in your name)
- You should carry original CNIC
- Fill in a form plus photograph (will be taken by Telenor Staff in real time)
- Sign the form plus thumb impression
- Get the receipt and you are done
Telenor will verify your CNIC information from Nadra in 3 hours (that’s what they are claiming), and will call you back to confirm your Easy Paisa Mobile Account. At this point you will be asked to select 5 digit PIN to authorize all Mobile Account transactions (just like your ATM pin).
Now you are ready to use your Easy Paisa Mobile Account.
Account Opening Fee: Rs. 58 (including taxes) non-refundable
Transactional Limits:
- Rs.10,000 per day
- Rs.20,000 per month
- Rs.1,20,000/year
- Maximum Balance of Rs. 60,000 in the account at any time
Want higher limits: For higher limits, the Customer needs to open a bank account with Tameer Bank first.
What will be your Account Number?
You will be provided an account number, exactly same as your mobile number plus an additional number at the end of your Telenor number.
What can you do with Easy Paisa Your Mobile Account?
Cash Deposit: Anyone can visit any of the 5500+ Easy Paisa outlets to deposit cash into your Easy Paisa Mobile Account
Cash Withdrawal: Subscribers can visit any of the 5500+ easypaisa shops to withdraw cash from his/her Easy Paisa Mobile Account.
Utility Bill Payment: Subscribers can pay any partner Utility Bill from his easypaisa Mobile Account using his phone anywhere, at any time.
Funds Transfer: Subscribers can move funds from his Easy Paisa Mobile Account to any other Easy Paisa Mobile Account, or any person with a valid CNIC number, using his/her phone anywhere, at any time.
Account Management: Subscribers can use his/her phone to manage his Easy Paisa Mobile Account, for instance you can
- Mini Statement: Look up the last 5 transactions from your Easy Paisa Mobile Account
- PIN Management: Setup or change secret 5 digit PIN of your Easy Paisa Mobile Account
- Favorites Setup favorite Utility Bills, or favorite Easy Paisa Mobile Accounts to avoid having to enter them again and again.
- Transfer In / Out: Log transfer funds from your Tameer Bank account directly into your Easy Paisa Mobile Account or vice versa
Note: Account transaction limits do not apply for Transfer In – meaning that you can shift unlimited amount from Easy Paisa Mobile Account to Tameer Bank Account and vice versa
Manage Your Mobile Account via Web: You can log into the secure, online web portal through the Internet to perform all Easy Paisa Mobile Account transactions from the web.
Transaction Charges:
All this luxury is of course not free. We are getting hold of charges associated with the service. Check back for updates.
Money Transfer (from an easypaisa Mobile Account to another easypaisa Mobile Account)
Money Transfer (from a CNIC to an easypaisa Mobile Account)
Money Transfer (from an easypaisa Mobile account to a CNIC)
Cash Deposit into Mobile Account
Cash Withdrawal from a Mobile Account
Transfer In from a Tameer Bank Account
Transfer Out to a Tameer Bank Account
Mini Statement
Utility Bills Payment
- Rs. 10 to be charged from the customer for any Utility Bill Paid of any denomination
- No FED is applicable here
- Transaction Limits apply on Bill Payments
You can schedule recurring (bill) payments via web – also can check Complete Account Statement and History of all Transactions
http://www.easypaisa.com.pk/account
More information and product analysis is on the way.
Related Stories
- How to Send/Receive Money through Easy Paisa 'Money Transfer' – Complete Guide
- Telenor Easy Paisa is Back, with a New Product
- Telenor Clarifies about Easy Paisa Issues
- Easypaisa Gets Competition: UBL Omni
- Telenor in Trouble – Easy Paisa Payments aren't Reaching LESCO
- Easy Paisa, What is Missing?
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The whole thing depends on the charges, so lets hope they are not too high :D
[...] Update: Bank Accounts go Mobile with Telenor Easy Paisa: First Look [...]
It’s too early to launch such products. Pakistan’s market is not mature enough or may be economic condition of general public is not that good. This is my view, obviously telenor has experts working on it, however i feel that telenor will spread the public awareness and real advantage will be picked up by other operators whole will launch their services at later stage (they won’t have to spread too much on public awareness). Anyways, positive move by Pakistan telecom sector -:)
One small correction in the registration process
“Subscriber create’s five digit PIN after you receive the call back and subscriber is successfully registered “
Thank you – you are right, post updated
look at the charges, certainly its gonna flow idea.
not worth it, unless there is no ATM nearby.
Very valuable service specially for people who are on the move and have little time for bill payments etc.
One objection though. Their FAQ states that they implement ATM-like security, whereas it seems that they’re only using USSD. An ATM transaction’s security relies on encryption of data at ATM’s end, and decryption ONLY at the financial system’s end. This ensures that no one sniffs confidential information. I don’t see how that’s being implemented here, since a USSD message can easily be intercepted by someone administrating the USSD gateway.
Security is the big question here and some expert must investigate it before its too long. I remember one post on propakistani mentioning breaking of gsm encryption anyways.
long = late
Easy Paisa
is a BIG cheating, any way you have to pay commission Deposit or withdraw money,if any problem you have to run many time telenor office. make long que, and after that “SORRY” and comeback again,
its NEW service and have lot of hidden problem
The whole game is of charges………..the people could not afford, and they can have a similar service with lower expanses from any bank.
Easy Paisa Service Charges are much as compared to all Commercial Banks,There is no doubt that lot of Bank Branches are working in every city of Pakistan so there is no need to use this service.
This is my view……….
This service is bullshit……
Charges are toooooooo high !!!
Yep, this is really a amazing awareness for rest of the operators, they might be coming with more optimizated solution with same or enhanced services in order to minimized the charges so that competition can be won.
Thanks to Telenor
A.O.A.
Yes, this is really a amazing awareness for rest of the operators, they might be coming with more optimizated solution with same or enhanced services in order to minimized the charges so that competition can be won.
Thanks telenor
Muhammad Zahoor
mobile accountis the best