Friday, December 1, 2023

Pakistan’s Fintech Ecosystem Grows

The global fintech ecosystem market is going to expand at a CAGR of 24.8% between 2018 and 2022. From $127.66 billion in 2018 to a huge $309.98 billion in 2022.

Also, Pakistan’s numbers are getting better. As the country’s fintech ecosystem grows. More people and businesses are always able to use digital financial services that are easy to use, safe, and also only require one point of contact.

By 2020, when people in Pakistan started using digital financial services quickly. The fintech ecosystem has grown like a meteor in the country. The big players on the market now have given customers more choices.

Karandaaz Pakistan lists Easypaisa, JazzCash, and UPaisa as just a few of the important fintech that is working in Pakistan right now. As part of the National Financial Inclusion Strategy. The State Bank of Pakistan is also letting different companies get an EMI (Electronic Money Institution) license to help with digital finance.

Easypaisa, as the first bank in the country with no branches, has grown very quickly since the pandemic started.

From 2021 to 2022, the number of monthly transactional active users of Easypaisa went up by 31%, according to H1 2022 data. This shows that users are becoming more positive about the industry as a whole.

Easypaisa transactions became worth 1.7 trillion Pakistani rupees in the first half of 2022. Which is an increase of 81% from the same time last year. So far this year, 675 million transactions have taken place on the site.

With more than 186 million money transfers going through the Easypaisa digital payments platform in the first half of 2022. It is clear that Easypaisa is a leader in the rapidly growing digital payments industry. It will make financial transactions easier for Pakistanis with cell phones.

The value of airtime top-ups and bundles purchase through the digital payments platform went up. PKR 27 billion in the first half of 2021 to PKR 36 billion the following year.

More than 10% of the airtime sales in the telecommunications industry are paid for with Easypaisa right now. We asked M. Mudassar Aqil, the CEO of Telenor Microfinance Bank/Easypaisa, what he thought about Easypaisa in order to learn more about it.

He went on to say that Pakistan’s fintech ecosystem industry has a lot of room to grow because less than half of the country’s people use traditional banking services. To simplify access to banking services for every person in Pakistan through the use of technology is at the heart of Easypaisa’s purpose.

This would make financial transactions easier for Pakistanis with cell phones. This would lead to a meteoric rise in the number of digitally included Pakistanis in the financial system. With digital rails and great customer service, we can make sure that our customers have a smooth ride.

He went on to say that Easypaisa’s “excellent growth trajectory” in the first half of 2022 showed how they are doing and how much their platform became helped Pakistan’s digital economy.

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1.7 trillion PKR in transactions in the first half of this year and a 4.7 rating on the Google Playstore. Easypaisa is proud to serve millions of Pakistanis with a renewed commitment to making Pakistan a cashless and financially inclusive society through technology and collaboration “Mudassar said more.

Omar Moeen Malik, who is in charge of business at Easypaisa, talked about how well he thought this branchless banking system was doing.

He told them, that Easypaisa is introduced in 2009 as a way to send money over-the-counter (OTC). It is now the most downloaded financial services app in Pakistan. As a digital payments platform that can be used in over 250 different ways, our successes speak for themselves.

The fact that our transactions are going up by a factor of 10 shows how much our customers and payment partners trust us. Omar also said that Easypaisa would keep working toward its goal of speeding up digitization in Pakistan. Making life better for the 117 million people who live there.

As a whole, the digital payments and financial technology industry is working hard to improve the lives of Pakistanis and lower the high rate of financial exclusion in the country.

Platforms like Easypaisa continue to show how mobile technology is able to change societies. Give people the power to make their own financial decisions. Whether that’s by letting the underserved withdraw cash, or helping the poor keep their jobs. Helping the financially challenged start or keep a small business. Just saving those in need from the loan sharks’ trap.

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