According to the recently published Financial Inclusion Survey 2023 by Karandaaz, Easypaisa (32%), JazzCash (56%), and PayU (32%), respectively, are Pakistan’s two most widely used mobile money wallets.
Additionally, JazzCash emerged out as the most favored mobile money service (69%), followed by Telenor Easypaisa (24%). The survey reveals that other industry participants like UBL Omni, Upaisa, HBL Konnect, Timepey, Alfa, and Meezan Bank did not prove to be as relevant.
Users’ preference for JazzCash was mostly driven by its “Ease of Use,” “Used among social circles,” and “Lower transaction fees.”
JazzCash joined the market roughly five years after Easypaisa, but it was nevertheless able to establish a commanding dominance with a sizable margin.
The poll results and JazzCash’s competitive advantage lead one to ask why it wasn’t able to obtain the NOC last month to establish a digital bank. Possibly, the such topic can be covered in a subsequent article.
According to the research, worldwide mobile wallet registrations rose significantly from 9% in 2020 to 19% in 2022. Urban mobile money wallet registrations increased even more dramatically in the last two years, from 11% to 26%.
Rural mobile wallet registrations, meanwhile, climbed more slowly, from 11% to 16%. The number of female mobile money wallet registrations increased from 2% in 2020 to 6% in 2022. Helping to close the gender gap to some extent.
It’s interesting to note that 19% of adult Pakistanis use mobile wallets. The majority of wallet owners’ most frequent actions are cash withdrawals from their own accounts (79%). Followed by deposits into their own mobile money wallet accounts (82%).
The third most frequent activity was topping off cell phones (70%). 44 percent of respondents said they sent or received money.
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