Warid to Commercially Launch Mobile Paisa this Week
This week, under the brand name of “Mobile Paisa”, Warid is ready to launch its Mobile Financial Services. For this purpose, Warid has partnership with Bank Alfalah which is one of the largest private bank network in Pakistan. These mobile financial services are built on Visa’s Fundamo technology and are managed by Monet which is Dhabi Group’s MFS arm in Pakistan.
Last year, branch-less banking license was granted to Warid telecom. Earlier this year, Warid soft launched Mobile Paisa. Now, Warid is all set to commercially launch the solution in Pakistan after meeting all the pre-requisites.
At the rising branch-less banking section in Pakistan, Warid will be focusing. According to the latest available statistics of State Bank of Pakistan, branch-less banking transactions in Pakistan crossed 52 million mark during July-September 2013, whereas during the quarter, total value of transactions reached to staggering Rs. 224 billion. It shows that in numbers, 16% growth has occurred while in value of transactions, 29% growth has occurred.
Amazingly, during the reported period, a share of 11.3% of total transactions is captured by new entrants which show that for every player, enough room is available. Particularly, 86% of Pakistan’s population is still un-banked. This is the point where a key role is supposed to be played by branch-less banking for equipping that population with financial solutions.
From established players, Warid as a new entrant is bound to face severe competition. On the other hand, mobile financial services are questionably undergoing the growing stages. Therefore, equal opportunity will be given to new players to provide pioneering solutions to consumers to spot their presence.
Now MFS players are just awaited to decrease their service charges to put together their offering more attractive for the customers. This has to happen with the arrival of new players in the market. Here, we are not fully sure that Warid will offer Utility Bill payment solutions and Money Transfer service at the time of launch of “Mobile Paisa”. Keep stay with us on our Facebook and twitter for further updates on related topic.