sojharo
commented
5 years ago Most of the banks in Pakistan have their own mobile apps and they integrate some of the online businesses in Pakistan. Online merchants and business in Pakistan keep emerging and going out of business at fast pace. However, banking mobile apps don't integrate with new businesses at very fast pace.
Almost, all of the banks mobile apps have options pay online utility or government bills. Some even offer purchasing shares online or mutual funds.
I would discuss few payment systems, apps, wallets that I have discovered during my search. They are often dubbed as digital payment systems. Some of them are provided by telecoms and are known as telecom based payment services.
Historical Trend:
- Launched in 2009, EasyPaisa (by Telenor Pakistan and Tameer Microfinance Bank) is a mobile phone-based account offering quick and easy payment services across Pakistan. It is touted as the third largest mobile payment system deployment in the world and serves 7.4 million unique users.
- In early 2015, a collaboration between Habib Bank and Monet resulted in the launch of the first mobile point-of-sale (mPOS) system in the country.
- HBL mPOS solution enables micro and small merchants to accept credit, debit and prepaid card payments. It can also integrate with the complex back end systems of large retailers to provide a robust mobile POS solution. The mPOS technology “Swipe2Pay”, powered by Monet, is an innovative and low-cost solution which is facilitates fast and secure card payments
- In February 2016, Keenu, introduced NFC (near field communication) payment acceptance which allows users to make digital payments directly from their bank accounts, hence eradicating the need to carry paper-money.
- In August 2016, JazzCash announced the launch of NFC payments for its mobile account users.
- On July 26, 2017, FINCA Microfinance Bank in partnership with Finja, internationally funded FinTech startup, launched a new digital wallet — SimSim.
- Inov8 Limited, Pakistan’s fastest-growing digital payments company has deployed FalconPay Ecosystem across multiple banks. It is a complete digital ecosystem powered by MasterCard’s digital wallet solution, Masterpass.
Keenu.pk
- Keenu.pk has keenu wallets for customers in form of mobile app where customers transfer their money and do online cash payments through mobile app of Keenu.
- It is very popular with merchants as it provides in-store payment device where card can be swiped. Keenu is affiliated with Bank Al Habib.
- Keenu provides checkout integrations for web-based online store.
- It has the loyalty programs
- Money transfers to friends using app wallet
JazzCash
- JazzCash has services in four categories. Corporate, Digital Payments, Mobile Account and JazzCash Shop.
- JazzCash Shop facilitates money transfers channels, bill payments, loan repayments, insurance etc.
- They offer Visa Debit Card as well
- JazzCash Mobile Account is an actual bank account that is tagged with your mobile number and can be operated through your phone. It has several services ranging from money transfers to International Remmitances
- Digital Payments work with Mobile account and facilitates services ranging from Police Challan Payments to Pakistan Railway Tickets.
- Corporate includes Disbursement solutions, Collection solutions and Online payment gateway (same as checkout integration of keenu)
FonePay
- For merchants, fonepay provides bar code which people can scan from its mobile app and pay.
- It is a multi bank app so participating bank accounts let merchants and customers connect their bank accounts to it.
- Offer understanding of customer behavior and daily sales behavior reports to merchants.
- For customers, it facilitates payments for services ranging from Bus tickets, movie tickets to stores payment and loyalty programs.
HBL Konnect
- HBL Konnect is mobile banking app by HBL bank
- It provides payment from transferring money, paying bills, mobile recharges to other services such as hotels, tickets, food delivery etc.
- Can only link HBL bank accounts.
Finja SimSim Mobile app wallet
- SimSim is just a mobile app wallet where you can put your short money and do the online payments through app.
- With geolocation, you know near-by restaurants and pay for them.
Innov8
- Mobile payment ecosystem which also provides cards and microchip as wallet.
- It aims to bank the unbanked population.
- It aims for branchless banking and call itself a microbank.
EasyPaisa
- EasyPaisa is a Pakistani mobile wallet, mobile payments and branchless banking services provider
- It also features a mobile account like other wallets and branchless banking providers
- It has ATM cards, savings accounts and insurances as well.
- It basically provides all banking services but through telecom based solutions.
- It also supports international home transfers.
Facts
- EasyPaisa accounts for 53% of Marketshare
- The current Door-Step-Rejection (DSR) rate is estimated at eight to 10%
Telecom based payment system challenges
Easypaisa is a Telenor-specific solution, and so if you don’t have a Telenor SIM you will not be able to use the service unless you go to an Easypaisa retail outlet. This has implications for online retailers. They now have to devise deals and work with a wide number of payment providers in order to capture the totality of the market. For example, their checkout systems will have to offer Telenor, Mobilink, Ufone, Warid, Zong, UBL Omni and many other modes of payments. This makes things very complicated for people who want to start their own online business. There is a desperate need for an independent platform for online payments.
The telecom-based services are not designed to deliver international transactions and this means that if a local online business depends on them they can only target the local market.
Reference
https://medium.com/indrastra/a-brief-note-on-digital-payment-systems-in-pakistan-1959dd95a94c
https://aurora.dawn.com/news/1141404
I have just completed the analysis of pakistani payment systems and providers. It took much of my time and I would do Indian analysis tomorrow.
jekram
This task is continuation to the payment analysis work done on UPI and Pakistan payment departments report.
We would do the payment system analysis between two countries and find the gap.