Warid Telecom and Bank Alfalah Limited have launched their Mobile Financial Service (MFS) by the name of ‘Mobile Paisa’.
The soft launch of ‘Mobile Paisa’ has been announced with the tagline “Chalta Rahey Pakistan”.
Warid Telecom and Bank Alfalah aims to serve the unbanked population of Pakistan with their banking needs.
Monet (Pvt.) Limited is the technology provider for the Mobile Paisa, that has partnered with Fundamo – a global mobile platform provider, to utilize its technology and offer branchless banking solutions to banks in Pakistan.
‘Mobile Paisa’ is initially being launched with quick and convenient payments of utility bills and the most secure money transfer facility across Pakistan and is scheduled to come up with innovative services in the near future.
Speaking about the service, Warid Telecom’s Chief Commercial Officer, Mr. Younas Sheikh said, “Mobile Paisa has been designed keeping in view today’s financial needs. This service will provide a secure channel for daily financial transactions such as money transfer and payment of utility bills. This is what ‘Mobile Paisa’ set out to innovate and we will keep on adding to the amazing features of ‘Mobile Paisa’.”
Commenting on ‘Mobile Paisa’, Bank Alfalah Limited’s Head of Branchless Banking Mr. Amaar Naveed Ikhlas said, “Mobile Paisa is aimed at making banking, money transfers and bill payments effortless tasks. In this era of modernization and technical development, it is essential to digitise and hence enhance transacting convenience through a secure and swift system.”
Discussing ‘Mobile Paisa’, Monet’s CEO Mr. Ali Abbass Sikander stated, “Monet envisions a collaborative branchless banking environment which enables the larger financial inclusion agenda set forth by the State Bank of Pakistan. We, at Monet, facilitate existing and new players alike in their efforts to promote branchless banking. Warid Telecom and Bank Alfalah’s collaboration for ‘Mobile Paisa’ is an ideal platform providing branchless banking together and interconnect with other existing players to extend the benefits to a wider audience.”
Monet financial cloud solution has the capability to host multiple banks completely secure and independent from each other. The platform technology and operations have been audited by independent auditors and SBP as well.