Recommended favourite e-wallets for Pakistanis

With the popularity of digital payments, more and more Pakistanis are using e-wallets for their daily transactions. Whether it's shopping online, transferring money or paying bills, e-wallets offer a convenient and secure way to pay. In this article, we will introduce a few of the most popular e-wallets in Pakistan to help users choose the payment tool that best suits their needs.

1. EasyPaisa

brief

EasyPaisa is one of the first mobile payment platforms in Pakistan, launched by Telenor Pakistan. It offers a comprehensive range of financial services including money transfers, bill payments, mobile phone top-ups and more.

key function

• instant transfer of funds: Supports fund transfers between bank accounts and mobile phone numbers.
• Bill Payment: Payment of utility bills, gas bills and other utility charges may be made.
• Online Shopping: Co-operate with several e-commerce platforms to support cashless payment.
• International remittances: Permission to receive overseas remittances (e.g., salaries from Middle Eastern countries).

Why is it popular?

EasyPaisa has a wide network of agents in Pakistan, which makes it easy for users to use its services even in remote areas. Moreover, it is easy to understand and suitable for first-time digital payment users.

2. JazzCash

brief

Launched by Jazz (formerly Mobilink), JazzCash is another major mainstream mobile financial services provider reaching millions of users across the country.

key function

• P2P transfers: Quickly complete transactions via mobile phone number or CNIC.
• QR Code Payment: Support offline merchants to scan the code for consumption.
• ATM Cash Withdrawal: Cash can be withdrawn at designated ATMs.
• Savings account services*: provide small deposits and interest earnings.

Strengths analysis

The platform is expanding rapidly on the back of its parent company's large customer base and has great potential to expand its cross-border business with Alipay.

3. SimSim (emerging competitor)
Rapid growth despite small market share.
1) Focus on social business scenarios
2) Lower handling fee rates
3) Innovative Red Packet Function Favoured by Young People

Expert advice: merchants should give priority to the first two individual users can be flexible according to the needs of choice.

Finally, readers are reminded to pay attention to internet security and update the app version regularly for the best experience.

4. Nayapay - the perfect combination of digital banking and e-wallet

brief

Nayapay is an emerging digital financial services platform in Pakistan offering e-wallet and virtual bank account services. It is authorised and operated by the State Bank of Pakistan (SBP) and is committed to providing convenient, low-cost financial solutions to individual and corporate users.

key function

✅ Free Account Opening & Zero Monthly Fee: No minimum balance requirement, suitable for micro-transaction users.
✅ Instant P2P transfers: Supports fast transfer of funds by mobile phone number or CNIC with no commission.
✅ Visa Debit Card Integration: Virtual/physical cards can be applied for online and offline payments.
✅ Merchant Collection Solutions: Small merchants can accept payments via QR codes or links.

Competitive advantages

• The interface is simple and friendly, and the smoothness of operation is better than traditional platforms.
• Docking with international payment systems (e.g. Stripe) to facilitate cross-border e-commerce collections.

5. Upaisa - the official e-wallet of UBANK

As the digital arm of the state-owned bank UBANK, the platform has an advantage in government-related transactions.
1) Dedicated channels for the payment of pensions/subsidies
2) Agricultural loans and other policy financial instruments support
3) Coverage in rural areas second only to EasyPaisa

Limitations of ⚠️: less innovative features, more suitable for the institutional population.

[2024 Trends] The rise of cross-border payment apps

With the growth of overseas labour remittances (1 TP4T24 billion by 2023), the following international products are becoming popular.

• Skrill: Suitable for receiving remittances from Europe and the United States
• Payoneer: freelancer's preferred cross-border settlement tool
• Alipay HK Edition:: New options for China-Pakistan trade and commerce

The data shows that young white collar workers in Karachi/Lahore are more likely to use a combination of local + international wallets.

[Ultimate Selection Guide] How to pick the best fit?

Recommended according to usage scenarios.

[Security Tips] Things to do to protect your account

1️⃣Enable Biometric Login
2️⃣ Avoid public WiFi for large transactions
3️⃣ Regularly check for authorised third-party applications
4️⃣⃣Recognise the official website download channel (recently there have been a number of imitation APP scams)

📌Regulators are reminded that all legal e-wallets are required to display the "SBP Licensed" logo.

For the latest offers, please follow the operators' official Twitter accounts for real-time updates.#PakDigitalPayments