Warid Launches Mobile Paisa Service

Warid Launches Mobile Paisa Service


Bank Alfalah has joined hands with Warid Telecom to launch “Mobile Paisa”; a branchless banking service which aims to provide innovative, technology based financial solutions to customers. Mobile Paisa currently offers customers with Over the Counter (OTC) facilities for making utility bill payments as well as Person to Person (P2P) funds transfer services via 2000 plus agent locations across Pakistan.With the launch of Mobile Paisa, the Bank aims to support the creation of a branchless banking and alternate payments ecosystem which is likely to augment financial inclusion in the country, thereby reducing the gap between the banked and the yet-to-be-banked.

In addition, Mobile Paisa will also provide bespoke products and services to Pakistan’s existing banking population, including solutions for SME, agri & payroll segments. The ultimate objective is multi pronged; firstly, to enable individuals to conduct transactions through a wider array of products and distribution channels and secondly, to eventually enhance access to financial services by broadening the banking population ambit – a critical gap which needs to be addressed in Pakistan.Individuals can use Mobile Paisa services by visiting their nearest Mobile Paisa agent location, Warid Business Center or Warid Franchise.

Money transfer through Mobile PaisaUsing Mobile Paisa Money Transfer, you can now send/receive money to/from your family and friends in a highly convenient, secure and effective way. You can use Mobile Paisa services even if you don’t have a Warid connection or a mobile phone. All you have to do is to visit any of our agents and begin using their services without any registration.

(Lahore) 1st January 2014: Warid Telecom and Bank Alfalah Limited have launched their Mobile Financial Service (MFS) by the name of ‘Mobile Paisa’. The soft launch of ‘Mobile Paisa’ has been announced with the tagline “Chalta Rahey Pakistan”.

Empowering millions of people, making their mobiles serve their banking needs, this is the first of its kind Mobile Financial Service in Pakistan which is launched in association with a corporate bank, Bank Alfalah Limited. Monet (Pvt.) Limited is the technology provider who partnered with Fundamo – a global mobile platform provider, to utilize its technology and offer branchless banking solutions to banks in Pakistan.

‘Mobile Paisa’ is initially being launched with quick and convenient payments of utility bills and the most secure money transfer facility across Pakistan and is scheduled to come up with innovative services the in near future.

Speaking about the service, Warid Telecom’s Chief Commercial Officer, Mr. Younas Sheikh said, “Mobile Paisa has been designed keeping in view today’s financial needs. This service will provide a secure channel for daily financial transactions such as money transfer and payment of utility bills. This is what ‘Mobile Paisa’ set out to innovate and we will keep on adding to the amazing features of ‘Mobile Paisa’.”

Commenting on ‘Mobile Paisa’, Bank Alfalah Limited’s Head of Branchless Banking Mr. Amaar Naveed Ikhlas said, “Mobile Paisa is aimed at making banking, money transfers and bill payments effortless tasks. In this era of modernization and technical development, it is essential to digitise and hence enhance transacting convenience through a secure and swift system.”

Discussing ‘Mobile Paisa’, Monet’s CEO Mr. Ali Abbass Sikander stated, “Monet envisions a collaborative branchless banking environment which enables the larger financial inclusion agenda set forth by the State Bank of Pakistan. We, at Monet, facilitate existing and new players alike in their efforts to promote branchless banking. Warid Telecom and Bank Alfalah’s collaboration for ‘Mobile Paisa’ is an ideal platform providing branchless banking together and interconnect with other existing players to extend the benefits to a wider audience.”

Monet financial cloud solution has the capability to host multiple banks completely secure and independent from each other. The platform technology and operations have been audited by independent auditors and SBP as well.

The following charges are applicable for each transaction:

Slab Start Slab End Fee(PKR) FED*(PKR) Total Charges(PKR)
1 1,000 51.72 8.28 60
1,001 2,500 103.45 16.55 120
2,501 4,000 155.17 24.83 180
4,001 6,000 206.90 33.10 240
6,001 8,000 258.62 41.38 300
8,001 10,000 310.34 49.65 360
10,001 13,000 362.07 57.93 420
13,001 15,000 413.79 66.21 480

* All charges are subject to 16% FED

Transactional limits for sending & receiving Money:

  • Rs.15,000 per month on each CNIC
  • There is no limit on the number of transactions per CNIC in a given month

Bill payment through Mobile Paisa

Mobile Paisa bill payment service brings you a secure, hassle free way to pay your electricity, gas, telephone, and internet bills. Now you can easily pay your utility bills from your nearest Mobile Paisa agent location, Warid Business Center or Warid Franchise.

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