Thursday, October 6, 2022

JazzCash defeated Easypaisa in Mobile Money Market

JazzCash defeated Easypaisa by taking the leading position in the mobile money market share users in Pakistan.

According to the Financial Inclusion Insights Survey 2020 from Kantar Public and Karandaaz Pakistan, 64 percent of mobile money users are using only JazzCash, and 54 percent users using Easypaisa.

In addition, JazzCash’s share of mobile money users is increasing by 10 percentage points day by day. On the other hand, Easypaisa’s participation in mobile money users has decreased over the years, decreasing 21 percentage points from 2017 to 2020.

Also, ownership of mobile money accounts (registered users) has more than doubled in Pakistan, from 4% of adults in 2017 to 9% in 2020.

The report also argues that the Government of Pakistan (GOP) was able to achieve its goal of 50% financial inclusion by 2018 with 63.9 million unique registered financial accounts in the country.

As a leader in the active mobile portfolio base, JazzCash has also supported the government in its goals to increase financial inclusion in the past. It also partnered with the government of Punjab in March 2019 to digitize the expenditure of subsidy payments to farmers in Punjab.

It will be interesting to see how the mobile money market and its participants will grow in the future with a greater focus on increasing digital penetration and financial inclusion at the government level in Pakistan.

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