Easy Paisa by Telenor has been launched. If we see the scope of Easy Paisa right now, it is little disappointing, due the amount of time and money Telenor invested into the project. However, one can get excited because of the potential Telenor has got due to its stakes in Tameer Bank. As Telenor already claims, they can/will offer financial transactions related to sending/receiving money within Pakistan and from abroad through mobile phones.
Telenor can enjoy the benefits of no e-commerce infrastructure in Pakistan, by offering payments through Easyload and then redemption through their outlets. Consider following case study, for instance…
There is this website, that wants to sell laptop skins – but as we know, no bank in Pakistan can get this online (website) seller the solution for getting payments through credit card. Here Telenor can play a role, prototype of which is defined as following
- Website visitor or let’s call him/her buyer sends Rs. 400 easy load to website owner (on his Telenor Number)
- Website owner or the seller receives and confirms the payment
- Website owner/seller ships the laptop skin to the buyer
- Website owner redeems that easy load through Tameer bank or Easy Paisa Outlet.
Let’s discuss this another scenario,
If Party A wants to send Party B Rs. 100,000, then consider following flow chart
- Party A goes to Easy Paisa Outlet
- Party A pays Rs. 100,000 in cash at outlet,
- Easy Paisa Outlet sends Rs. 100,000 to Party B on his/her Telenor Number
- Party B goes to Easy Paisa Outlet,
- Party B receives money from Easy Paisa outlet, by showing providing the transaction message along with authentication
Note: Maybe Party A and Party B, both should be the account holders, or registered members of Easy Paisa
Of course, this prototype didn’t include security and privacy concerns, but the end product with increased security and logging can really change the way masses do their banking.
We are aware that there needs a legislation in the process, but after the study of branchless banking regulation, it is evident that such a mechanism is possible.
However, it is a good start – but true return on Telenor’s investment is highly based on upcoming products from Easy Paisa.