Easypaisa has announced that money transfer facility between Easypaisa mobile accounts is now free of charge. Meaning that customers having Easypaisa mobile accounts will be able to transfer funds to another Easypaisa mobile account without incurring any service charges.
Previously Easypaisa customers had to pay service charges of upto Rs. 139 (including taxes) for a funds transfer or Rs. 10,000 or a lower fee for lower transfer values.
Other than account to account money transfers, Easypaisa also offers its mobile account holders to deposit or withdraw cash from their mobile accounts for free.
Easypaisa said that removal of service charges for funds transfer between mobile account is an effort to increase financial inclusion in the country.
Expressing his views on the new promotion, Nadeem Hussain, CEO Tameer Micro Finance Bank said,
“Easypaisa Mobile Accounts are a true game changer for financial inclusion in Pakistan. We believe that offering a simple & efficient account opening process through biometric verification system (BVS) across Easypaisa shops plays an important role in not only increasing the financial inclusion but also in documenting the unbanked economy”.
According to Mr. Nadeem, Easypaisa has around 3 million mobile account holders.
Easypaisa, launched back in 2009, enjoys a notable market share for branchless banking transactions in Pakistan. Easypaisa claims that transactions conducted on its network amounted in nearly one percent of Pakistan’s GDP in 2013.
Considerably high service charges associated with branchless transactions, however, have remained a major contention for the potential mobile financial service customers since long. But arrival of new players in the sector has pushed the branchless banking service providers to rationalize the costs and charges for branchless banking transactions.