The joint venture of Telenor Pakistan and Tameer Microfinance Bank, known as Easypaisa, has revolutionized the mobile money industry by becoming the first mobile money service to achieve interoperability with the existing banking infrastructure. Through the introduction of the Inter-Bank Fund Transfer (IBFT) service, Easypaisa has opened up new avenues for its customers to transfer funds seamlessly between multiple banks using the highly secure and efficient 1-Link switch.
This groundbreaking achievement has not only elevated the convenience and accessibility of mobile money services but has also bridged the gap between traditional banking and digital financial solutions. By embracing interoperability, Easypaisa has effectively integrated its platform with the broader financial ecosystem, allowing customers to experience enhanced financial inclusivity and expanded options for managing their funds.
Easypaisa’s IBFT service extends its benefits to both mobile account holders and over-the-counter (OTC) customers. Mobile account holders can now effortlessly move funds from their mobile accounts to any bank account and vice versa. This functionality empowers individuals to make swift and secure transactions, enabling them to conveniently transfer funds, pay bills, and conduct financial activities without the limitations of traditional banking channels.
Moreover, the service enables Easypaisa customers to transfer funds directly from any bank account into their Easypaisa Mobile Account. This capability significantly simplifies the process of loading funds onto the mobile account and provides users with the flexibility to manage their finances more efficiently.
By bringing interoperability to the forefront of mobile money services, Easypaisa has set a new standard in the industry. The collaboration between Telenor Pakistan and Tameer Microfinance Bank has not only resulted in a groundbreaking achievement but has also opened up endless possibilities for financial innovation and inclusion in the ever-evolving digital landscape.
isn't it strange that i think about 2 years ago…1 Link was told by the State Bank to lower its excessively high charges ?
Why is it that the same thing is about to happen again and its all over the news! where is the SBP now ?
this an oligopoly forming…cant they see what this will do to the local industry and people ?
I total agree with you @ Iqbal Saif. Total transactions in Pakistan carried through internet banking showed an increase of 15.7% in volume and 7.0% in value of transactions during Q1 of 2014. Internet banking has a volume share of 4.4% whereas mobile phone banking has a volume share of 1.6% and value share of 0.2% and call centers/ IVR banking has share of 0.2% and value share of 0.03% in total e-banking transactions.
Jaffar bhai and Iqbal bhai – i couldn’t agree with you more. It’s the responsibility of the State Bank to grow the pie, what happed to all the bull they gave about reaching the masses via Mobile Banking ?? Their charges are excessive to begin with, and bringing 1 Link into the MFS game would just be self-defeating. This will (and already has) become just another feature for these banks to generate even more revenue … we need more competition, and a clear direction. Both are the responsiblity of the State Bank of Pakistan