Easypaisa records Rs4 trillion transactions in 2022

January 17, 2023

Aitizaz Hassan

Higher internet and smartphone penetration helps increase the overall population engaged in Pakistan’s online economy. In the digital transaction arena, Easypaisa can take pride in having led the fintech revolution in Pakistan. Talking exclusively to WealthPK, Omar Moeen Malik, the head of Easypaisa (branchless banking), said that the recorded volume of total transactions on the app was Rs4 trillion in 2022, accounting for 6% of Pakistan’s gross domestic product (GDP).

He said that the number of transactions were 1.3 billion in 2022. Easypaisa makes 4,000 transactions per minute. Its customers deposited Rs32 billion in 2022. Omar said they are also facilitating Asaan Digital Account. Currently, he said, 0.5 million people are using Asaan Digital Account on Easypaisa. He said Easypaisa is the only app which is offering Rs1 million deposit limit per month for Asaan Digital Account.

The head of Easypaisa branchless banking said that at the end of 2022, Easypaisa app got the highest Google Play Store ratings (4.6 out of 5), most reviews of 1 million, and most downloads at 20 million amongst all the mobile money apps available in Pakistan.

According to Omar, Easypaisa has 135,000 merchants across the country. Currently, there are 40 million unbanked population in Pakistan; therefore, ATMs and bank branches are not sufficient for Pakistan’s huge population. So, mobile phone is the best tool for a customer to carry out financial transactions.

During the floods, Easypaisa launched a special feature of donation in collaboration with 35 social welfare organisations including Akhuwat, Shahid Afridi Foundation, Comprehensive Disaster Response Services, Hands Pakistan, and Pak Aid Welfare Trust. Easypaisa users can make direct donations to any of these organisations and support relief efforts to help fellow Pakistanis in need.

Omar said that now they are also facilitating biometric verification by cell phones. He said so many mini-apps of different facilities have been ported through Easypaisa source. Omar said that only 35 countries have fast payment system like Raast. He said 3.5 million Raast accounts have been registered on Easypaisa which are doing 1.5 million average transactions every month.

The head of Easypaisa said Pakistan is currently facing an inflation rate of 25%, which has made the savings difficult. “Keeping in view the difficult situation, Easypaisa has introduced a safe saving system. With Easypaisa Savings Plans, a customer can subscribe to a saving plan with one click and avail payout rates of up to 14%,” Omar said.

Credit : Independent News Pakistan-WealthPk