Easypaisa service removes account restrictions for money transfer in Pakistan
Pakistan’s first and largest branchless banking service Easypaisa has introduced money transfer from Easypaisa Account to any mobile number.
Formerly, Easypaisa Account holders could transfer money to any CNIC, bank account and Easypaisa Account across the country. With this new service launched, they now are enabled to send money to any verified mobile number anytime, anywhere in the most secure and convenient way. This will further increase financial access, as the receiver can instantly open an Easypaisa Account and receive the money.
“In pursuit of our financial inclusion goals, we are aiming to make Pakistan’s favorite branchless banking service, Easypaisa comprehensively accessible to everyone,” said Muhammad Yahya Khan, Head of Easypaisa, commenting on the new development. “Transferring and receiving money straight from their mobile phone enables the masses to enjoy free and effortless financial transactions,” he added.
The process to transfer funds to any mobile number is simple. Easypaisa user simply dials *786# and selects the ‘Money Transfer’ option. The customer then chooses the ‘Send to Any Mobile’ option and enters receiver’s mobile number and the transfer amount, followed by the Easypaisa Account PIN to complete the transaction. In case the receiver doesn’t have an Easypaisa Account, the money transfer notification will prompt them to open one straightaway and receive payments in that account instantly. For more details, please check here.
The Easypaisa Account has been the cornerstone of financial inclusion, offering banking and other financial services on the mobile phone. In many rural areas of Pakistan it continues to be the only banking option available. Easypaisa Accounts allow subscribers to send, receive, or save money, pay their utility bills, buy any mobile network’s airtime, pay online, get insurance and more.
Pakistan’s first and largest branchless banking solution, Easypaisa, was launched jointly by Tameer Micro Finance Bank and Telenor Pakistan in 2009. Easypaisa has the largest financial footprint in Pakistan with over 75,000 Easypaisa shops in more than 800 cities across the country. Nearly 650,000 transactions are conducted on Easypaisa every day by 20 million active customers. In 2015, Easypaisa moved nearly 3% of Pakistan’s GDP. Easypaisa has the largest product portfolio of services for its customers including remittances, payments, savings and insurance and offers ATM cards and IBFT services that work with all banks connected through 1-Link in Pakistan. In February 2014, out of more than 250 Mobile Money services around the world, Easypaisa was awarded two GSMA Awards, including the “Best Mobile Money Service in the World” at the Mobile World Congress, Barcelona, Spain.
Tameer Microfinance Bank Limited (TMFB) is the first scheduled and largest Microfinance Bank in Pakistan and a part of Telenor group. Incorporated in 2005, it provides micro‐finance, branchless banking and related financial services targeted to the underserved segment. In 2009, it jointly launched easypaisa with Telenor Pakistan. Tameer Bank currently has 176 customer touch points and over 75,000 agents nationwide; and offers a wide range of financial services including Deposits, Loans, Mobile Accounts, Peer to Peer money transfers, Health Insurance, Remittances, Cash management services, Bank on Wheels. The credit rating company JCR-VIS has reaffirmed the entity rating of Tameer at “A+/A-1”. Outlook on the assigned rating is ‘Stable’ as of April 28th, 2016.