Pakistan’s journey toward digital financial services began with a clear gap in access to banking, according to Omar Moeen Malik, Director Strategy and Product Development and Payments at Easypaisa. He shared that when the initiative started in 2008, the country had a population exceeding 180 million with roughly 100 million adults, yet only about 15 million individuals were banked. Limited infrastructure was a key barrier, with around 11,000 bank branches nationwide and very few located in rural areas. He noted that account opening procedures were often cumbersome, requiring documentation that discouraged lower income individuals from participating in the formal banking system. As a result, a large portion of financial activity remained outside regulated channels. At the same time, mobile phone penetration was rapidly increasing, with tens of millions of active SIMs in use. This created an opportunity to provide financial services through mobile devices, enabling customers to perform banking activities using phones already in their hands.
Malik explained that when Easypaisa launched in 2009 as the first branchless banking service, trust building became a major challenge. Customers were familiar with traditional banks but hesitant about mobile based financial services. To address this, extensive marketing campaigns were conducted to build confidence, highlighting the backing of Telenor Pakistan and Tameer Microfinance Bank. These partnerships helped establish credibility and encouraged adoption. He added that Easypaisa invested heavily in technology infrastructure, combining in house development with established platforms to support bill payments, switching systems, and integration with other banks. The service also contributed to the local economy by creating employment opportunities across a growing agent network. According to Malik, approximately 150,000 agents were providing mobile money services, supported by operational teams working nationwide. Digitizing cash transactions reduced inefficiencies associated with physical currency, including handling costs, fraud risks, and limited cash availability. Digital transactions secured through PIN based authorization enabled customers to transfer money instantly while minimizing operational challenges.
He also described the development of Easypay, an online payment solution designed to support ecommerce merchants. Initially, many online businesses used peer to peer money transfer services to collect payments, despite transaction limits and manual confirmation processes. Easypay introduced an automated mechanism where customers could authorize payments digitally and merchants would receive system generated confirmation without manual intervention. The platform offered multiple payment options, including mobile accounts, payments through Easypaisa shops, and card payments via Visa and MasterCard. Malik noted that the extensive shop network significantly improved accessibility compared to traditional banking infrastructure. The service onboarded several ecommerce platforms, including Homeshopping.pk, PakWheels, Yayvo, and Tohfay.com. He added that discussions were ongoing with additional merchants to expand digital payment acceptance. Malik emphasized that providing secure, convenient, and instant payment options encouraged both customers and businesses to transition from cash based transactions to digital channels.
Watch the complete video interview here.
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