China Mobile, the parent firm of Pakistan’s telecommunications network, Zong 4G, showcased its first digital payments solution ‘PayMax,’ during an exclusive product showcasing event at Zong HQ in Islamabad.
This initiative aims to empower the consumers of Pakistan with a financial solution that is secure and ensures inclusion in the unbanked sector of the Asian country.
China Mobile Pakistan (CMPAK) and Electronic Commerce Company Limited (ECCL), a 100% owned subsidiary of CMPAK entered the market of digital financial services after obtaining the Electronic Money Institution (EMI) License in Pakistan from SBP in March of last year.
After obtaining the license, CMPAK ECCL introduced its commercial digital payments solution under the name “PayMax” which furthers CMPAK’s vision of a more digitally and financially inclusive Pakistan.
CEO CMPAK & Zong4G, said:
“Our mission is ‘to provide a trustworthy digital payments system through a collaborative ecosystem for cashless payments.” He concluded by wishing PayMax success in the future.
As a developing nation, a considerable segment of the economy in Pakistan is undocumented and operating via traditional transaction channels which depend on the use of cash, restricting business opportunities and growth.
With more than 60% of the adult population being unbanked, Paymax intends to offer digital payment solutions to them.
A robust digital payments solution makes financial management easier, and that too with greater security.
PayMax – a Digital Wallet Account also intends to team up with financial institutions and solution providers from across the industry sectors to provide various financial products that solve consumer pain points, such as Nano Loans, Handset Financing, Cross Border Payments, Insurance, Channel Interoperability, and Merchant Financing.
Aiming to offer a viable solution that enables Pakistanis across the country, with PayMax you can register your mobile account by completing a simple KYC process. You can carry out Cash Deposits & Cash Withdrawals, transfer funds to or from any bank or wallet in Pakistan, pay more than 1700+ online Billers.
CEO of ECCL, Syed Naveed Akhtar, said:
“Our objective is to turn PayMax into a financially sustainable organization by gaining customers’ trust through offering best value use cases, convenience, reliability & great customer experience. Our target market and focus in the first phase are approximately 34 million Zong 4G tech-savvy super data users followed by the rest of the potential digital payment customer base in the country.”
PayMax is focused on becoming one of the “leading” digital payment solutions providers in the Digital Financial Services Industry, leveraging CMPAK – Zong4G’s 45 million subscribers base and an agent network of over 43,000 BVS retailers all across Pakistan.