Bank Alfalah and Warid Telecom Launch Mobile Paisa for Secure Money Transfers and Bill Payments in Pakistan
Bank Alfalah has partnered with Warid Telecom to launch Mobile Paisa, a mobile money service aimed at simplifying financial transactions in Pakistan. Initially, the service will allow users to make utility bill payments and secure money transfers across the country.
Bank Alfalah, founded in 1992 and owned by the Abu Dhabi Group, operates 500 branches in 170 cities across Pakistan. Warid Telecom, also owned by the Abu Dhabi Group, launched its services in Pakistan in 2005. The service is supported by technology from mobile financial services provider Fundamo and cloud solutions provider Monet.
Younas Sheikh, Chief Commercial Officer at Warid Telecom, emphasized that Mobile Paisa is designed to meet the financial needs of today’s users, offering a secure channel for daily transactions. Amaar Naveed Ikhlas, Head of Branchless Banking at Bank Alfalah, highlighted the importance of digitizing financial services for enhanced convenience and security.
Mobile Paisa aims to address the growing demand for mobile-based money transfer solutions, with the mobile money market projected to exceed $10bn in international money transfers by 2013. This service is seen as a step forward in modernizing financial transactions in Pakistan.
