MobiCash, Mobilink’s mobile money solution, has crossed the half million mark in terms of monthly users.
In a press release issued today, Mobilink has confirmed that MobiCash is now used by a total of 500,000 users monthly, nearly a 20 times increase since April of this year. Back then, it only had 25,000 users but within a period of eight months, the mobile payment solution has grown exponentially and keeps on growing at an astounding rate.
MobiCash is a branchless banking account that Mobilink users can create and operate through thier phones and lets them deposit or withdraw money from any of the 58,000+ MobiCash agents across Pakistan. The funds can also be transferred to other Mobicash Mobile Accounts, other Operator’s Mobile Accounts, other 1-Link/M-NET connected bank accounts or any person’s identity card.
President of Mobilink, Jeffrey Hedberg, acknowledged this remarkable feat and congratulated his team at a ceremony held to celebrate this milestone,
“This is yet another milestone for our company, which showcases our resolve towards positively contributing to financial inclusion across the communities of Pakistan and is a clear demonstration of our Mobicash strategy in action. I appreciate the efforts of our team who continue to work innovatively to provide the best customer experience across the country, may it be in the shape of new services or by strengthening our retail network. As an entity, we not only believe in opening new avenues for our customers, but also in adding value by building a stronger relationship with them.”
While the rest of the world has moved on to online payment solutions, Pakistan still lags behind due to a sense of mistrust and the fear of security. But in recent years, services like EasyPaisa and Mobilink’s MobiCash have been pretty successful in chainging that general mindset, as evident by these figures. Mobile accounts are the future of financial services and with an incredibly strong 58,000 plus retailer network, Mobilink plans to make its subscribers who live in localities with limited formal banking services utilize Mobicash to avail the variety of financial services it offers.