Jazzcash tops Easypaisa to become Pakistan’s most popular mobile wallet.
Financial inclusion among Pakistani adults, which now accounts for three out of every ten, more than doubled between 2017 and 2022.
The Karandaaz Financial Inclusion Survey 2022, which was just released, showed that financial inclusion climbed from 14% in 2017 to 21% in 2020 and 30% in 2022. People who hold an account in their name with a full-service financial institution are considered to be financially included.
As a percentage of Pakistani adults, registered users of mobile money, which entails using a mobile phone to transfer funds, deposit or withdraw funds, or pay bills, went from 9 percent in 2020 to 19 percent in 2022.
The use of mobile money wallets was endorsed by about 45% of users. 37 percent of them suggested a particular mobile wallet provider. The most favoured service was JazzCash (69%) and Telenor Easypaisa was second (24pc). Easypaisa was most frequently cited for its “easier to transact with me” (69 percent), “easier to use” (27 percent), and “cheaper to transact with me” benefits (26pc).
JazzCash was suggested in contrast because it had “reduced transaction fees” (34%) and was “used by people I socialise with” (32pc).