Standard Chartered Pakistan and Easypaisa has launched new digital banking system in Pakistan by the name of Straight2Bank to lets the banked and unbanked to transact with each other with the easy-to-use mobile banking technology. This new mobile money service will make it easy for the clients such as development organisations, insurance companies, NGOs, and fast moving consumer goods (FMCG) to make and receive payments from banked and unbanked individuals such as aid workers, policyholders, and farmers, right from their mobile wallet.
Currently, 70,000 Easypaisa outlets in 800 cities of Pakistan are operating that will make the transfer of payment easier and quicker. According to officials, Straight2Bank will significantly reduce the risks and costs in handling cash by simplifying and accelerating the payment process of administration and reconciliation.
The Standard Chartered and Easypaisa Straight2Bank is a welcome innovation in Pakistan as it will break down the barriers of traditional banking, enabling both banked and unbanked to effect payments using their mobile phones. Straight2Bank will be helpful for all type of sectors especially for the agriculture sector.
Furthermore, development organisations can pay aid workers using this capability; non-bank financial institutions and FMCGs also stand to benefit.
What will be the advantages of Straight2Bank in Pakistan?
- It will replace onerous and risk-phone cash payments by offering an efficient and secure digital payment scheme
- With the mobile wallet service, there is no need to travel long distances and queue up at a counter to pay bills, as people can simply send or receive money via their mobile phones.
- Mobile that will be pin-protected will be safer than cash, which can be stolen or lost, and money can be transferred in real-time.
- This will let the unbanked and those living in remote areas to use banking services without having any banking account.
According to CEO of Standard Chartered Pakistan Shehzad Dada, “We are delighted to work with Easypaisa in launching Straight2Bank Wallet – furthering financial inclusion in Pakistan and making access to banking services effortless for our corporate clients and their beneficiaries. This initiative is a testament to our continued commitment to the country, and reiterates our brand promise of being ‘Here for good’”.
The Chief Financial Services Officer of Telenor Pakistan and Head of Easypaisa Muhammad Yahya Khan said, “Our partnership with Standard Chartered is a great step forward as we endeavor to expand our service offerings for our clients, making it easier than ever for Easypaisa users across the country to access secure and convenient financial services.
Just four day before, Meezan and UPaisa also launched the first Islamic banking service in Pakistan by the name of Meezan UPaisa. The scheme was launched with the aim of assisting the customers to send and receive money across the country, pay utility bills and much more from Islamic banking. Both partners have the plan to widen the scope of this service by including more Islamic financial services in near future.