EasyPaisa launched Inter Bank Fund Transfer (IBFT) service


EasyPaisa, Pakistan’s inaugural and biggest branch-free banking facility has now been given the honor to become the country’s first mobile cash facility which can offer services with the present banking infrastructure. EasyPaisa has unveiled a new service under the name of Inter Bank Fund Transfer (IBFT), which can let its user to commit transactions between several banks through 1-link operation. EasyPaisa is smart service which is launched by Telenor Pakistan and Tameer Microfinance Bank.

Easypaisa offers innovative and the best of facilities to both of its Mobile Account subscribers and Over-the-Counter (OTC) users. Easypaisa Mobile Account holders are now able to transfer cash from any Bank Account to their Easypaisa Mobile Account and similarly its reverse operation very easily and with enhanced safety, hence, reducing the problems being faced earlier while funds transfer into the branchless banking services.

As far as the OTC service is concerned, a subscriber can conveniently access the Easypaisa outlets and deposit funds directly into any Bank Account. EasyPaisa now envelops more than 40,000 Easypaisa outlets in over 750 cities and almost 6 million users facilitating themselves via Easypaisa every month all over the country. For this very purpose, users will have to reach an Easypaisa outlet, bring along their CNIC and respective bank account number to utilize this facility.

President and CEO of Tameer Micro Finance Bank, Nadeem Hussain expressed his feeling by quoting, “This latest initiative is a new milestone in the Branchless Banking sector, a next level development which will serve the purpose of driving force behind the enhanced growth of the branch-free banking sector in the country. With the new Easypaisa paisa service, users can now easily connect straight to the banking infrastructure by letting them to transfer and get funds through their Mobile Accounts and via OTC facility. Nearly 80% of country’s masses is still deprived of banking services and Easypaisa is the silver lining in the clouds for them. Easypaisa’s IBFT service is an ambitious step for the bank-less population of Pakistan which will offer great service and ease of access n daily transactions and will also work for the betterment of the mobile banking culture in Pakistan.”