Easypaisa launches Inter Bank Fund Transfer service

Monday 16 June 2014 08:47 CET | News

A mobile money service and a joint venture of GSM cellular service provider Telenor Pakistan and financial services provider Tameer Microfinance Bank, Easypaisa has become interoperable with the existing banking infrastructure by launching the Inter Bank Fund Transfer (IBFT) service enabling its customers to transfer funds between a number of banks via the 1-link switch.

Easypaisa brings this service to both its mobile account holders and over-the-counter (OTC) customers. Easypaisa mobile account holders are able to move funds from any bank account into their Easypaisa mobile account and vice versa. Once the funds are in the Easypaisa mobile account, customers can proceed to use bill payment, money transfer or airtime recharge service in the country through the Easypaisa mobile account on their mobile phone.

For the OTC service, any customer can walk into any of the Easypaisa shops and deposit cash directly into any bank account. With 40,000 Easypaisa shops in around 750 cities and nearly 6 million customers using Easypaisa services each month, banked customers can deposit cash into their bank accounts without having to go into their bank branches. Customers only have to approach an Easypaisa shop, provide their CNIC and their bank account number to use this service.

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Keywords: Tameer Microfinance Bank, Telenor, Pakistan, easypaisa, Inter Bank Fund Transfer, IBFT, bill, payment, money, Transfer, airtime
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce