The global fintech market was valued at about $127.66 billion in 2018 and is expected to grow to $309.98 billion by the end of 2022 at an annual growth rate of 24.8%.
The numbers are even more encouraging for Pakistan. The fintech ecosystem is rapidly evolving in the country and is paving way for individuals and businesses to adapt to digital financial services which are convenient, secure, and can be accessed from a single touchpoint.
Since 2020, there has been exponential growth in the fintech arena in Pakistan as the majority of users have started shifting towards digital financial services. There are major players currently in the market that have opened more possibilities for customers.
According to Karandaaz Pakistan, Easypaisa, Jazzcash, and UPaisa are among more than 40 notable fintechs currently operating in the country.
Furthermore, the State Bank of Pakistan is also allowing various companies to get an EMI (Electronic Money Institution) license to facilitate digital finance as part of the broader National Financial Inclusion Strategy.
Easypaisa, which is the pioneer of branchless banking in Pakistan has been growing leaps and bounds, especially since the onset of the pandemic.
According to the data for the first half of 2022, Easypaisa had 10.6 million monthly transactional active users, a growth of 31% compared to 2021, which reaffirms the growing sentiments of users in the industry.
With a throughput of PKR 1.7 trillion during the first half of 2022, Easypaisa has witnessed a huge growth of 81% as compared to last year. During the first half of this year, a total of 675 million transactions have been processed from the platform.
Moreover, Easypaisa has shown tremendous growth in the digital payments sector, with 186 million money transfer transactions taking place through the digital payments platform during the first half of 2022.
Money transfer worth PKR 859 billion was done through the Easypaisa platform, which is almost a 100% increase as compared to last year.
Similarly, the digital payments platform also outperformed in airtime top-up and bundle value and recorded PKR 36 billion during the first half of 2022 as compared to PKR 27 billion during the same period in 2021.
More than 10% of the total telco industry’s airtime sales are now being paid for through Easypaisa.
To gain further insights on Easypaisa’s performance, M. Mudassar Aqil, CEO of Telenor Microfinance Bank/ Easypaisa, was asked for his assessment.
He said, “The fact that less than half of the country’s population has access to formal financial services presents an immense growth opportunity for the fintech landscape in Pakistan. Easypaisa aspires to make financial services accessible and convenient for every Pakistani through technology solutions.”
“This would enable every Pakistani, who owns a mobile phone, to make financial transactions with ease, resulting in exponential growth of digital financial inclusion in the country. The existing digital railroads combined with our best-in-class customer services equip us to provide a hassle-free user experience.”
“Our impressive growth trajectory during the first half of 2022 speaks volumes about Easypaisa’s performance and the role our platform is playing in shaping Pakistan’s digital economy,” he added.
Mudassar further elaborated, “With a throughput of PKR 1.7 trillion in just the first half of this year and a 4.7 app rating on the Google Playstore, Easypaisa is proud to serve millions of Pakistanis with a renewed commitment to transform Pakistan into a cashless and financially inclusive society through technology and collaboration.”
Omar Moeen Malik, Business Head, Easypaisa also shared his views on the overall performance of the branchless banking platform.
He said, “Back in 2009, we started off as a simple OTC money transfer service, and today, Easypaisa is the most used financial services App in the country. As a digital payments platform, we offer a wide range of over 250 payment use cases and the results speak for themselves.”
“The exponential growth in transactions signifies the trust and confidence our users and our payment partners have in us. At Easypaisa, we remain committed to driving digitization in Pakistan and changing the lives of millions of people in the country,” added Omar.
Fintechs and digital payments players across the industry are striving to work hard with a passion to empower Pakistanis and lower the ratio of financial exclusivity across the country.
Be it helping the underserved withdraw cash, supporting the poor sustain their livelihoods, assisting the financially challenged start or retain a small business, or simply helping those in need to get free from the vicious trap of loan sharks, platforms like Easypaisa continue to set precedents of how mobile technology can be used to transform societies and empower people to take independent financial decisions.
Source: propakistani