Swedish telecom gear maker Ericsson said that Easypaisa, Pakistan's first and largest branchless banking solution, is deploying Ericsson Wallet Platform to replace its existing platform. The platform will allow consumers to conduct secure mobile banking transactions with ease and helps Easypaisa bring mobile money to unbanked citizens in Pakistan, which has an estimated population of 199 million, with approximately 60 percent of people living on under $2 a day and only 15% reported to have a bank account.
Easypaisa was launched jointly by Tameer Micro Finance Bank and Telenor Pakistan. Norway-based Telenor Group, which owns Telenor Pakistan, recently completed the acquisition of Tameer Micro Finance Bank.
With more than 21 million active consumers, Easypaisa is one of the largest mobile money deployments
Nadeem Hussain, Founder, President and CEO, Tameer Micro Finance Bank, said, "Easypaisa is continuously focusing on enhancing customers' experience of doing financial transactions in a secure and seamless manner. It is essential to have the right technology partner to roll out new services that provide added benefits and services to propel financial inclusion through branchless banking."
Easypaisa's partnership with Ericsson accelerates and increases the availability of mobile money services for the country's citizens, while positioning banks to succeed in an expanding mobile money ecosystem.
The existing Easypaisa service, which includes an integrated m-commerce solution, already supports more than 21 million active consumers and 75,000 agents in over 800 cities throughout the region, including rural areas. This deployment represents one of the largest mobile money service offerings in the world.
"Ericsson's next-generation wallet platform is helping Easypaisa increase volumes and payment transactions, enabling wider mobile money adoption and offering a seamless customer experience. We will continue to expand our mobile money offerings, benefiting our subscribers throughout the country with our new platform,"
Muhammad Yahya Khan, Chief Financial Services Officer, Telenor Pakistan, said Peter Heuman, Vice President and Head of M-Commerce, Ericsson, says: "Through our work with Easypaisa and Telenor, we provide mobile subscribers with more choices for performing secure and reliable mobile financial transactions.