Warid is all set to launch its Mobile Financial Services under the brand name of “Mobile Paisa” this week, we have confirmed.
Warid is partnering with Bank Alfalah — one of the largest private bank network in Pakistan — for its mobile financial services that are built on Visa’s Fundamo technology and is managed by Monet, Dhabi Group’s MFS arm in the country.
Warid was granted Branchless Banking license last year and it soft launched Mobile Paisa earlier this year. Now after meeting all the prerequisites, company is ready to commercially rollout the solution in the country.
Warid will be aiming at the growing branchless banking segment in the country. According to State Bank’s latest available stats, branchless banking transactions in Pakistan crossed 52 million mark during July-September 2013, while total value of transactions during the quarter reached to staggering Rs. 224 billion, showing 16 percent growth in numbers and whooping 29 percent growth in value of transactions.
Interestingly, new entrants captured a share of 11.3% of total transactions during the reported period, hinting that there is enough room available for every player.
Notably, Pakistan’s 86% of population is still unbanked and this is where branchless banking is going to play a key role in equipping them with financial solutions.
New entrants, such as Warid, are bound to face fierce competition from settled players, however, mobile financial services are arguably undergoing the maturing stages, and hence providing new players with equal opportunity to offer innovative solutions to consumers to mark their presence.
We are just waiting for the MFS players to drop their service charges to make their offering more attractive for the masses. With new players entering the market, this has to happen.
While we are not fully clear, it is indicative that Warid will offer Money Transfer service and Utility Bill payment solutions at the time of launch of “Mobile Paisa”.
Keep watching this space for more details about the commercial launch of Mobile Paisa.