By Ammar Muzaffar
At a crowded corner shop on the outskirts of Islamabad, people wait in line to pay the shop owner who is punching numbers into an old cell phone. He receives the cash and lets the customer know that the money has been sent, and quickly moves on to the next one.
Rehmat, a day laborer in a nearby building under construction, stares at his mobile phone, waiting to receive a confirmation of his transaction.
He breathes a sigh of relief the moment he receives it, leaving far behind the days when his family would have to wait an entire month to receive the money in person.
Millions of Pakistanis like Rehmat who live away from home are active e-wallet users and use the power of digital payment platforms like Easypaisa to support their families.
Launched in 2009 as a peer-to-peer money transfer service, Easypaisa is the country’s first branchless banking platform, which has successfully established itself as a leader of the fintech revolution in Pakistan.
Now opening an account is as easy as downloading a game on your smartphone, providing unprecedented ease of access to digital financial services to all segments of society.
Easypaisa certainly has come a long way since its inception and has become a household name when it comes to digital financial services.
Easypaisa’s transformational journey began with the introduction of an over-the-counter money transfer service – an innovative model that almost seemed too good to be true, which didn’t require excessive documentation to own a mobile wallet account.
The platform’s phenomenal growth trajectory was also complemented by its telco agnostic offering.
According to a survey, financial inclusion stands at a mere 21 percent in Pakistan. A staggering 79 percent of the adult population still does not have access to the formal economy.
However, as per World Bank estimates, Pakistan’s digital finance potential stands at US$ 36 billion. In this market rich with potential, Easypaisa has seized the opportunity right in time and created a new delivery approach with an effective platform business model.
Pioneering mobile banking in Pakistan, Easypaisa continued its journey towards expanding its services portfolio for its users. To facilitate the users of other mobile operators in using Easypaisa without hassle, the Easypaisa mobile App was launched that brought banking to customers’ fingertips.
The App evolved over time as it allowed its user base to send and receive money, purchase mobile top-ups and bundles, pay utility bills, buy movie tickets, bus tickets, and a lot more. QR payments integration is also making payments easier for Easypaisa App users.
Today, Easypaisa is more than just a digital payments platform. With over 50 use cases or digital payments services available at a tap, Easypaisa App offers customers a complete lifestyle solution.
By forging partnerships with some of the country’s leading retail stores, restaurants, health institutions, clothing brands, and cinemas, Easypaisa is fast on its way to becoming the ultimate digital lifestyle partner of today’s connected customers.
Furthermore, Easypaisa is fast on its way to becoming a platform provider, that supports the growth of different businesses by integrating its payment capabilities with them.
A key step in this regard has been the launch of the platform’s mini-app interface and Open APIs, which enable seamless integration for third-party applications.
The Open APIs act as an underlying layer through which businesses can facilitate comprehensive digital payments, including money transfers, IBFT, bill payments, and other payments directly through their websites or applications, thereby taking Easypaisa on its way to becoming a Super App.
In 2021, during the second and third waves of the Pandemic, the Easypaisa App user base grew phenomenally by almost 50%. The total throughput amounted to PKR 2.3 trillion, moving 6% of the Country’s GDP.
Customers continued to trust Easypaisa with more than PKR 20 billion worth of deposits last year. With a recently achieved landmark of 10 million-plus monthly active users, Easypaisa remains at the forefront of Pakistan’s fintech landscape.
Registered mobile users have the freedom to deposit and withdraw cash from digital accounts in real-time. The separation of mobile money from banks makes it one of the most efficient tools in financial inclusion.
The only requirement for mobile banking is the possession of a SIM card and CNIC for registration and any smart/ feature mobile phone.
Pakistan’s retail sector is the third-largest in the country, employing 15% of the country’s total labor force. As the fifth-largest country, in terms of population, the industry holds immense potential and the fastest way to document its growth is to mandate digital payments acceptance by everyone.
Especially in a post-Covid Pakistan with high rates of inflation, there need to be alternatives to cash. As new digital payment mechanisms like RAAST, NFC-enabled debit and credit cards, and QR codes become more popular, customers across the country should be incentivized to make the shift towards digital payments.
Transforming the Country’s digital landscape is bound to have some implications for businesses, society, and the government.
Increased availability of digital payment systems, like peer-to-peer payments, digital wallets, etc. brings to the consumer a variety of benefits, while promising transparency, efficiency, and convenience.
Easypaisa’s journey from a money transfer service to becoming a one-stop-shop for fulfilling all payment needs of its customers is a testament to its dedication to digital innovation and collaborations for a financially inclusive society.
Ammar is an avid tech enthusiast and a keen commentator on technology and banking.
