Easypaisa App-A successful story of digital payments
Easypaisa is the most successful story of digital payments in Pakistan. It is the country’s largest App that has dealt 800 million transactions worth Rs 1.5 trillion in the year 2020. The monetary value of the transactions is equal to the 5 %GDP of the country.
Easypaisa App provides the financial solution of dealing day with daily affairs. It helps to make online payments of utility bills and even sending money to your relatives.
It works like banking but is better compared to banks where you have to wait in queues to pay utility bills or sending money.
With Easypaisa App, the transaction of money is on your fingers tips. Just open it on your mobile screen and then click. This is what the Easypaisa app provides the financial solution.
Plans to increase active users
The largest payments wallet in the country- Easypaisa App, has announced to enhance the number of its active users by three folds to 25 million per month by 2025, by taking advantage of growing broadband coverage areas across the country.
Omer Moeen Malik, Business Head, Easypaisa talking to media here Wednesday said that a total number of registered customers at the mobile-based valets has already taken over the total number of bank accounts in the country.
“Easypaisa and JazzCash the two main mobile valets in-country account for more than 50 percent of all transactions at One-Link system,” Mr. Malik said adding, “The mobile valet accounts will be the main financial service providers for ordinary citizens in near future.”
However, he added that the lack of policy support for digital solutions and the unwillingness of the small business to opt for the cashless economy was restricting the growth of fintech.
“All financial services must be open for all banks, this includes the small and microfinance banks, and these services include payment of challans and fees of various government departments ranging from traffic police to school fees etc,” he said.
He also highlighted that the economic growth and the future of the financial services were in a cashless economy but Pakistan was at the lowest tier in South Asia in this regard, just above Afghanistan.
After being launched in 2009, Easypaisa currently has more than 8 million active users per month, while it has 170,000 registered agents across the country and more than 25 million registered wallets.
In the year 2020 more than 800 million transactions were executed at the Easypaisa platform amounting to around Rs1.5 trillion.
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He said that roughly 1 out of every 3 smartphone customers in Pakistan use the Easypaisa App, and the number will continue to grow as smartphones are becoming cheaper due to local manufacturing and expansion of broadband services in many un-served areas.
Responding to the query, the head of business Easypaisa said that with growing usage the demand for cyber protection too has increased and they have introduced several security features in the Easypaisa app such as protection with face ID, fingerprint recognition, number detection, OCR, and Geofencing etc.
“At the same time, we have an open policy – if any person’s account has been siphoned off through hacking- we will pay the full amount, but this amount insurance is not applicable if the person gives passwords to anybody,”.
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He also said that all fintech and even the state bank was regularly issuing preventive instructions to the general public – not to share their passwords and PINs with any caller or even to any person they know to avoid digital fraud.
Easypaisa App download
First, you need to download Easypaisa App from Google Play or Apple App store on your mobile phone or PC.
After installing it, then starts the next process of creating the Easypaisa account.
How to Use Easypaisa App
Installing and using the program is straightforward and involves the following steps:
Easypaisa app from Google Play or Apple App Store.
- On the first screen, enter your phone number.
Then insert your CNIC and issue date.
- Make an initial deposit into your account using any available method.
- You can now use Easypaisa for many digital payments.
How to Secure Mobile Wallet Account Use
- Password, fingerprint, or other biometric authentication for your smartphone.
- Only download financial apps from official sites like Google Play or Apple Store.
- Check your account statements often and report any questionable activity.
Don’ts Avoid using public WiFi to perform mobile wallet transactions Avoid clicking odd links in texts or emails
- Do not trust SMS or calls, regardless matter who is sending them.
Future perspectives and outlook
Easypaisa strives to provide dependable and accessible financial services to every qualified adult in Pakistan. Easypaisa provides solutions to financial services, reduces fraud and criminal activities, and promotes economic growth by increasing money circulation.
It plans to acquire millions of new users over the next five years by educating clients on the benefits of digital payments over cash.
Also, the app is working on increasing touchpoints across Pakistan to improve accessibility, integrating 3rd party connectors to create an engaging environment, and adding value for non-Easypaisa customers to increase penetration.
