Ufone Upaisa completes Rs 3.1 billion transactions in one month

Ufone Upaisa completes Rs 3.1 billion transactions in one month

Islamabad (Tuesday, October 1, 2013) – Upaisa, Ufone’s branchless banking service in Pakistan has achieved Rs 3.1 billion transactions in a very short span of time. Total 912,000 transactions have been made including 601,000 financial transactions, which show the confidence of the people in the new branchless banking service.

Ufone Upaisa Logo

Ufone Upaisa Logo

Ufone an Etisalat group company launched its branchless banking services last month under the name ‘Upaisa’.
With Upaisa customers have access to the easiest way to conduct their financial transactions such as Mobile Account deposit and withdrawal, Money Transfer and Utility Bills Payment.
With the largest agents’ network of 9,224 agents at the time of launch nationwide, Upaisa aims to provide its users convenience and easy accessibility without any restriction of time and place.
Ufone has improved the overall experience of USSD menu, making it more user friendly as it is the most important channel of interaction with Customers and Agents, said Taimur Faiz Cheema General Manager Marketing Mobile Financial Services at Ufone.
The wallet opening process has been made convenient. Furthermore, there has been innovation in pricing via reduction in charging slabs making it simpler for customers and agents to remember.
Industry’ first Debit Card will also be introduced by Upaisa powered by Union Pay. Using this debit card customers will not only be able to withdraw cash from ATMs but will also be able to do transactions on POS.
Branchless banking is a medium for utilising the bank services outside bank branches be it through OTC (Over-The-Counter) services provided by various agents, internet banking or through mobile phones.
The popularity of branchless banking (BB) in the country can be evaluated through its growth in the first quarter of 2013 of 16 percent in the number of transactions as per the most recent three-month data as released by the State Bank of Pakistan (SBP).
There are around 2.3 million mobile accounts as per SBP Q1 2013 report, with almost 41.1 million transactions worth Rs 171 billion in the same quarter.
The average size of transaction is Rs 4,278 with bill payments and top-ups (45 percent) ranking first, followed by P2P fund transfers (34 percent).
Ufone strongly believes since the inception of this service the current model of BB is not the ultimate desirable method for all stakeholders and customers including the regulators from both sides i.e SBP and PTA.
The current practice is highly dominated by OTC transactions, which empowers the agents and not the customers but the goal is to give liberty and authority to the customer directly which is only possible if he opts in for Mobile Wallet that is why from day one Ufone is focusing on Mobile Wallet driven strategy.
By providing excellent services and to further promote BB, Upaisa has future development plans. “We are working on developing a mobile application for agents that can help perform transactions, open accounts and for record keeping of transactions”.
A similar mobile application is also under development for customers through which they can perform transactions, check their account balance, account history, money transfer, utility bill payments and Uload without visiting the retailer.
Also Ufone plans to introduce the e-ticketing service for transportation companies to offer more convenience to customers.
We are also looking forward to adding more merchants to our network to broaden horizons for our customers, added Cheema.

One Comment


  1. U fone may raat ko balance check karo aur jub subaah so kay utho aur check karo to paisay ghayab ho jaatay hain aur U paisa service allah khair karay.

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