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The trend of using mobile wallets is not only increasing in developed nations, but also in developing countries like Pakistan. In an attempt to make it easier for the citizens of Pakistan to send, receive and deposit funds, Telenor, in 2009, had launched the ‘Easypaisa’ service in partnership with Tameer Microfinance Bank.
However, it is important to understand the difference between mobile wallets and mobile banking. Mobile banking allows customers of a financial institution (bank) to perform various transactions via smartphones. This could involve any or all of the following:
Mobile wallet is a part of the extended family of mobile banking, which enables users to securely store their personal financial information in an organized form on their mobiles. For example, mobile wallets allow consumers to use their smartphones to make in-store purchases, thus removing the need of carrying around cash or a stack of physical plastic cards.
Easypaisa is a financial service which can be used to deposit, withdraw and transfer cash as well as to pay utility bills via smartphones. Subscribers can avail Easypaisa services anytime and anywhere in the country through their smartphones.
Sending money through Easypaisa is simple, if you follow the rules properly. First of all, the sender needs to:
Then, the sender needs to:
The retailer will then perform the transaction through a smartphone and will ask the sender to enter a secret code. It is strongly advised not to share the secret code with anyone except the designated receiver. Then the retailer will provide the sender a transaction ID along with a transaction receipt.
If you wish to receive money sent by a friend or family using Easypaisa’s Money Transfer service, then you need to:
|Transaction Amount||Fee||Tax on Fee||Total Charges Payable|
|PKR 1-1000||PKR 50||PKR 8||PKR 58|
|PKR 1001-2500||PKR 100||PKR 16||PKR 116|
|PKR 2501-4000||PKR 150||PKR 24||PKR 174|
|PKR 4001-6000||PKR 200||PKR 32||PKR 232|
|PKR 6001-8000||PKR 250||PKR 40||PKR 290|
|PKR 8001-10000||PKR 300||PKR 48||PKR 348|
With a country-wide network, there is hardly any geographical constraint to access Easypaisa service anywhere in Pakistan. Customers can go to their nearest Easypaisa outlet to transfer, receive or deposit funds. In addition, customers can also go to the Telenor service center to avail this service.