2018 has been a revolutionary year for Pakistan and has served as a stepping stone towards a digital world. It’s the year of digitalization where in-store shopping has been replaced by online shopping and cashless payment methods have redefined the entire concept of paper-free money transactions. Other breakthroughs in payments methods are micro financial services provided by different telecom operators as well as other dedicated micro-financing services. Alipay acquired 45% shares of Telenor Easypaisa and it is the greatest news of the year followed by the acquisition of Daraz!
EasyPaisa – The Pioneer Of Micro-Finance In Pakistan
Easypaisa owned by Telenor Pakistan is considered to be the pioneers of micro-financial services introduced in Pakistan. Having an account associated with a SIM is a whole new concept of money transfer to remote areas and it has been estimated that the total number of accounts associated with mobile numbers supersede the total number of bank accounts in Pakistan. Since these mobile accounts are quite convenient to use so they charge a nominal fee for the money transfer. Well, there was a time when the total revenue generated by Easypaisa was much higher than that of the revenue generated by the calls and other services offered by Telenor.
The Example Of Easypaisa Was Followed By Others!
Currently, there are multiple mobile accounts and micro-finance services operating in Pakistan that include Jazz Cash owned by Jazz telecom and SimSim by Finca. These micro financial services are no longer about money transfer to a CNIC or a mobile wallet but exciting offers and discounts are also an attraction to the customers. All of these services collaborate with different online stores, cinemas, and eateries to give exclusive discounts to the subscribers.
Easypaisa And Alipay Merger Is A Game-Changer!
Earlier this year, one of the biggest E-commerce giants of the world Alibaba has acquired Pakistan’s most trusted and established online shopping store Daraz and now Alibaba has made its next big move towards shares in micro-financing services in Pakistan. Alipay, an online and a third-party mobile payment platform owned by Alibaba, has acquired 45% shares of Easypaisa. The Competition Commission of Pakistan (CCP) has officially given a go-ahead to Alipay and now it owns 45% of total shares of Telenor’s microfinance bank. It is important to note that Alipay is the largest mobile payment platform across the globe since it has already overtaken PayPal in 2013. Not only that, Alipay provides many interesting payment methods that include the mobile wallet, bill payment services, QR code scanning mode, cinema and bus ticket purchasing, and many other banking features.
Acquisition of Daraz by Alibaba has been considered a positive change since the app has been upgraded with new added on customization features and customers are definitely excited for the upcoming 11.11 Alibaba’s signature sale by Daraz. We hope that Easypaisa will also bring some stirring features and upgrades in mobile account services in near future.