Warid Telecom and Bank Alfalah Start Mobile Paisa Service
Pakistan’s leading and major cellular service Warid Telecom joined hands with Bank Alfalah Limited which is another major contributor in Pakistan but in banking sector, to provide an e-service featuring mobile transfers and e-billing solutions.
It is not an entirely new product in the country; Telenor Pakistan has already given money transfer service and started few years back and you might have seen or used ‘EasyPaisa’ service from Telenor.
EasyPaisa was started in 2008 when Telenor acquired Tameer Microfinance Bank Limited to make a branchless banking system to introduce mobile financial services first of its own kind in the country and it actually worked.
Easypaisa was launched in October 2009 in Pakistan and revolutionized the mobile transaction and local money transfer system in the country of over 180 million people. Telenor Pakistan’s initiative gave a space to the competitors and Banks in the country to think beyond the traditional banking and financial services, hence branchless banking got acceptability after that.
Warid Telecom and Bank Alfalah Limited named this financial service as ‘Mobile Paisa’ which means mobile money and it indicates mobile money transfer and transactions process. [News source: Warid Telecom, Press Section]
Image credit: Warid Telecom/Bank Alfalah limited
The launch has been announced in the start of January 2014, but it has not been seen in the market yet – Hopefully both giants from different industries will bring something new, innovative and useful for the mobile and banking customers in Pakistan.
Banking and Mobile Communication both sectors started flourishing in 2006-07, and still they are looking to grow day by day. Banking and Mobile telecom companies have started thinking of providing e-services, and hopefully they will understand more innovations of Smartphone and Apps era, and hopefully turn around things soon.
It has been seen that Banks in Pakistan in collaboration with cellular and other tech-companies looking to provide more swift, innovative and electronic assistance based services in the near future. It’s a long way to go yet.