Easypaisa is the largest branchless banking service in Pakistan. They have eased the process of money transfer by introducing biometric verification devices. The limit – for a customer to send or receive money – is also increased from PKR 15,000 to PKR 50,000. These verification devices will be available on the extensive network of Easypaisa retailers across Pakistan.
Head of Easypaisa, Muhammed Yahya Khan has stated that the process will help to ensure real-time verification. He further added:
“With Biometric verification as the strongest Know Your Customer (KYC) available anywhere in the world, Easypaisa is ensuring real-time verification of the customers and using latest technology to support our valued customers. Easypaisa’s higher money transfer limits will address growing segment of the market who want to send higher amounts hence increase customer’s reach and trust, helping in tapping the true potential of branchless banking industry in Pakistan”
Advantages of biometric verification device
Customers who use Pakistan’s leading mobile financial services had earlier made number of requests for the increase in limit. Previously, a customer was able to send or receive PKR 15,000 in a month. However, a customer would be able to avail advanced limits of up to PKR 50,000 during a month. This process will cater the financial needs of individuals.
Easypaisa retailers confirm that the customer’s CNIC is neither expired nor blocked by the government with the addition of biometric verification devices.
Moreover, individuals who were hesitant of using Easypaisa’s service due to sharing their CNIC copies will now be comfortable to utilize the services with no trouble.
At present, over 20,000 Easypaisa retailers are trained to assist its customers with biometric verification to transfer and receive funds. As time goes by, there will be rapid increase in retailers who would be equipped with the facility.
President and CEO of Tameer Microfinance Bank, Ali Riaz Chaudhry commented that the process will ensure transparency of the transaction. He stated:
“With a network of over 75,000 retailers across rural and urban areas, Easypaisa has been the most popular and successful over-the-counter (OTC) money transfer service crossing 650,000 transactions per day. Introducing biometric methods of identification further enhances transparency, safety and ease of the transaction”
Do you think this move will attract more customers towards branchless banking?