Bridging Pakistan’s Financial Inclusion Divide through Innovation and Passion

While in countries with a developed economy people access financial services using numerous financial institutions to spend or save their hard-earned money, in the developing economies, there is a huge gap in the provision of financial services due to institutional barriers.

As per the UBS, there are about 1 billion people who do not have a proper bank account in the emerging markets.

Pakistan is no exception when it comes to adults who lack a proper financial account or service. According to an estimate by the World Bank, 69% of the world’s total population is financially included while this ratio is only 21% in Pakistan.

How Easypaisa transformed the local fintech landscape

Leading the forefront in this regard, mobile telecoms, benefitting from their technology-based business revolutionized fintech a decade ago. Mobile financial services came as an innovating powerful medium as they served the needs of the unbanked and underbanked.

Of course, the right policies by the government, regulatory authorities, and financial education have also played a vital role in banking millions of citizens. But the way mobile financial solutions have contributed to financial inclusion is truly remarkable.

The pioneering mobile financial service in the Pakistani market was Easypaisa which still rules the roost. The first and foremost branchless banking service of Pakistan, Easypaisa, made everyday transactions like bill payments and local money transfers more convenient for Pakistanis than banking.

The Easypaisa app took digital payments to the next level

Being the market leader in the country for providing excellent mobile financial services, the launch of the Easypaisa mobile app brought banking to the fingertips of its customer base.

Ever since then, the app has been continually evolving and innovating to provide excellent services to its users. Apart from sending and receiving money, the app made doing a lot more way easier, becoming the ultimate digital payments solution.

Today, Easypaisa users can not only send and receive money to Easypaisa and other wallets and bank accounts, but also pay their utility bills, purchase mobile top-ups and packages, buy bus tickets, and more.

Paying traffic challans, govt taxes, till payments, ride-hailing vouchers, and more has also been facilitated by the Easypaisa app. Plus, the cashbacks and rewards make the app more exciting for its users.

Furthermore, through its partnerships with many leading fast-food chains, restaurants, stores, cinemas, and health institutes, Easypaisa is providing a whole new experience in terms of a digital lifestyle. These partnerships turn out to be the best in the interests of customers as well as merchants in terms of more sales generation.

It’s also worth mentioning that in 2019, Easypaisa became the first and only solution of its kind to introduce Pakistan’s first blockchain-based cross-border remittance service.

A reliable payments partner for retailers

Easypaisa has proven to be as useful for retailers and small businesses as it has to the users. The service is truly a pioneer in this region and allows start-ups to build their businesses by meeting their growing needs.

Moreover, Easypaisa’s ‘Retailer Cash Advance’ product allows retailers to acquire a digital loan of PKR 25,000 to PKR 150,000 in order to facilitate their business.

Recently, Easypaisa, also introduced its API Developer Portal which can be used by third parties for integration, sandbox, and production movement for standard integration. The API gateway provides a secure self-service signup and easy-to-integrate platform for businesses, allowing them to do money transfers, IBFT, bill payment, and access other Easypaisa services on their applications and websites.

The portal also allows them to add Easypaisa as a payment mechanism for their customers besides enabling developers to consume and utilize APIs on their websites and apps.

Getting closer to its users’ hearts

When talking about effective marketing strategies, Easypaisa has a reputation for communicating to its audience in an unconventional and impressionable manner.

Successful campaigns such as Phatta Note, Eidipaisa, Easypaisa Raahi, #UnitedByCricket, and Welcome Welcome have broken all previous records by winning international and local awards for their disruptiveness. Just recently, Easypaisa managed to bag five gold, one silver, and one bronze Effie award in recognition of their unorthodox marketing campaigns.

Passionate to eradicate financial exclusion from the country by empowering its people with the latest fintech tools, Easypaisa proves its commitment to innovation time and time again.

Using its simple and convenient yet powerful tool to transform Pakistani society by inducing digital lifestyles, Easypaisa continues to equip the country for the digital age of finance.