Easypaisa ATM Cards: Demonstrating the Value of Convergence

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Easypaisa, Pakistan’s first and largest branchless banking provider, initially focused on mobile enabled e-money and agents to facilitate access to banking services.  Over time, Easypaisa realized the value of convergence and building on the existing banking infrastructure by allowing funds transfers from and to any bank in the country.  In addition, in December 2013, they went from a pure mobile cardless solution to offering ATM/debit cards that allowed their members to access ATM and POS debit cards across the country.  This integration and convergence now allows for Easypaisa clients to take advantage of the existing banking infrastructure in a way that a mobile only solution could never support and is a good lesson learned for others offering mobile e-money solutions.

Below is an excerpt from Easypaisa’s recent announcement on achieving 250,000 registered ATM/debit card holders.

In January 2015, Easypaisa has reached a milestone of more than 250,000 ATM Card users, a number which validates the trust and faith that customers have placed in the service and the convenience it has brought in their lives.

Every month, more than PKR 1 Billion are being withdrawn using Easypaisa ATM cards. Prior to the ATM Cards, Mobile Account users were able to withdraw cash from their Mobile Accounts from any of the 50,000 Easypaisa shops. However, with the launch of Easypaisa ATM Cards, Mobile Account users can now withdraw cash from any of the 6,000+ ATMs (1-Link or M-Net) across Pakistan.

Unlike conventional banking norms, where bank customers have to wait for weeks to get a new ATM card delivered to their home, Easypaisa ATM cards can be picked up from any Telenor Service Center, Sahulat Ghar or Tameer Microfinance Bank branch and can be activated instantly without any additional documentation requirements. Easypaisa ATM cards meet all the banking standards and are cost effective; each ATM card costs PKR 200 only and does not have any annual or recurring charges. The major benefit of the Easypaisa ATM card is that a replacement card does not take weeks; a new Easypaisa ATM card can be picked up again and activated instantly.

In only 5 years, Easypaisa has gained intense momentum, recognition and popularity amongst the unbanked people of Pakistan through its comprehensive services and a large network of agents. The Easypaisa ATM card is an instrumental product for those segments that only have a need to withdraw money, for example, pensioners and social cash transfer beneficiaries. The customers in these segments rarely own a mobile phone, nor do they have adequate literacy levels to operate a mobile phone. For such users, the Easypaisa ATM Card is a much more familiar instrument to withdraw funds from the nearest ATM or a Bank POS machine.

The Easypaisa Mobile Account, as a whole offers a wide portfolio of services that encourages formal savings, and a cost effective method of withdrawing funds, paying bills and transferring funds. It remains the easiest and fastest Branchless Banking account to open from any Telenor Service Center, Sahulat Ghar or Tameer Microfinance Bank branch. In a country with 100 million plus adults and estimated to have only 15 million Bank Account customers, Easypaisa stands committed to Financial Inclusion with a registered customer base of 3.3 million Mobile Accounts.

See more at http://www.easypaisa.com.pk/

Related:

Congratulations to Easypaisa on its 5th year Anniversary! 

Lesson #3: Using Mobile Money to Promote Financial Inclusion: Focus on Building Trust

My Own Thoughts on the Mobile Money Predictions for 2013

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