Bank Alfalah, Warid Telecom partner to launch new mobile financial service in Pakistan

Pakistan-based Bank Alfalah has partnered with Warid Telecom to launch new mobile financial service (MFS), Mobile Paisa, in the country.

Pakistan-based Bank Alfalah has partnered with Warid Telecom to launch new mobile financial service (MFS), Mobile Paisa, in the country.

The Mobile Paisa will allow users to perform banking operations, pay utility bills and transfer money securely across Pakistan through their mobiles.

The companies used services of Monet, a technology provider, and Fundamo, a mobile platform provider, to offer branchless banking solutions.

Warid Telecom chief commercial officer, Younas Sheikh, said Mobile Paisa has been designed keeping in view today’s financial needs.

"This service will provide a secure channel for daily financial transactions such as money transfer and payment of utility bills. This is what ‘Mobile Paisa’ set out to innovate and we will keep on adding to the amazing features of ‘Mobile Paisa’," Sheikh added.

Commenting on the launch of Mobile Paisa, Bank Alfalah branchless banking head, Amaar Naveed Ikhlas, said Mobile Paisa is aimed at making banking, money transfers and bill payments effortless tasks.

"In this era of modernization and technical development, it is essential to digitise and hence enhance transacting convenience through a secure and swift system," Ikhlas added.