Mobile Banking in Pakistan and its Comparison
Warid: http://mobilepaisa.com.pk/ 111 111 321
Telenor. Easy Paisa http://www.easypaisa.com.pk/ 111 345 100
Mobilink: Mobicash http://mobicash.com.pk/ 4444, 111 124 444
Uble Omni: http://www.ubldirect.com/Corporate/BankingServices/Omni/home.aspx
Ufone:Upaisa http://www.ufone.com/upaisa/ 7777
Zong: Timepay http://www.timepey.com/ 0311 222 1 333
Comparison between the mobile banking services in Pakistan. Mainly between Mobicash, Timepey, Easy Paisa, Upayments and Omni.
Pakistan is now one of the countries with incredible growth in the market of branch-less & mobile banking. The branch-less & mobile-banking is penetrating at quicker pace throughout the country and no doubt there is a lot of potential.
Major players of banking and cellular phone are entering into this financial sector. Some of the big names that have already entered into branch-less banking in Pakistan are:
- “Easypaisa” by Tameer Microfinance Bank
- “Mobicash” by the partnership of Mobilink & Waseela microfinance Bank
- “Omni” by United Bank Limited
- “Timepey Service” by Zong and Askari Bank
- “Upayment” by Ufone & HBL, Summit Bank, Soneri Bank and Bank AL Habib
Customers are progressively utilizing the transaction services for money transfer, utility payments, bank accounts and home remittances through different companies led by banks or mobile operators.
|Mobile Banking||Services||Service Provider|
Mini bank statement
Mobile Phone TopUp
Deposit/take out Cash into Timepey Account
Salary Disbursement Solution for Corporate
|Easy Paisa||Money Transfer
Many other Telenor services
|Omni||Services on Omni dukaan, Internet and SMS.
Free Bills Payment
Instant Domestic Remittance
Free Mobile Top Up (Warid, Ufone and Zong)
|Transaction Slabs (PKR)||Mobicash||Timepey||Easy Paisa||Omni||Ufone|
|0 – 1,000||Rs. 60||Rs. 60||Rs. 60||Rs. 60||Charges:
Rs. 5 + tax,
on every transaction.
|1,001 – 2,500||Rs. 120||Rs.120||Rs. 120||Rs. 100|
|2,501 – 4,000||Rs. 180||Rs. 170||Rs. 180||Rs. 170|
|4,001 – 6,000||Rs. 240||Rs. 230||Rs. 240||Rs. 240|
|6,001 – 8,000||Rs. 300||Rs. 290||Rs. 300||Rs. 350|
|8,001 – 10,000||Rs. 350||Rs. 350||Rs. 360||Rs. 350|
|10,001 – 13,000||Rs. 400||Rs. 400||Rs. 420||Rs. 410|
|13,001 – 15,000||Rs. 450||Rs. 450||Rs. 480||Rs. 460|
It is also expected that the percentage of Pakistan’s adult population using mobile financial services could go up from the current 2% to 35% by 2020.
Around 16 million branchless banking transactions, worth of Rs. 59 billion, have been conducted only in July-September period in Pakistan
– State Bank of Pakistan (SBP) statistics
According to a recent study conducted by Telenor Group and Boston Consulting Group, the wider access to mobile financial services in Pakistan could lead to the creation of 1 million new jobs by 2020.
An estimated US$2 billion could be added annually to government revenues, helping raise Pakistan’s GDP growth by 3% by creating increased access to credit, hence prompting new business creation, and by formal remittances and increased savings.
The government is further encouraging innovation by encouraging the use of branchless banking to distribute government payments. For example, NADRA has designed a distribution platform “e-Sahulat” to provide online payment and collection facility for the general public as well as for organizations.
Mobile banking can prove to be a game-changer in improving access to finance in Pakistan. The success of mobile Banking in Pakistan has a positive impact for the banking industry. Beside the benefits and convenience created for the consumers, commercial banks will witness reduced costs on branch maintenance and resources. It will also increase the profit margins of Banks and further encourage them for the development of innovative banking techniques in the industry.