SBP Approves Easypaisa’s Digital Banking License.

Easypaisa was launched by Telenor Pakistan communications company. At First, Easypaisa was exclusively limited to people who were using Telenor SIM in Pakistan.  

Then they expanded their business, and any Pakistani citizen could open an account in Easypaisa by accepting their terms and conditions. Easypaisa was losing to its competition, Jazz Cash, because it offered a debit card and better loan facilities as well, which forced Easypaisa to make an app that was user-friendly and easy to use.

Since 2023, Easypaisa has applied for a digital banking license like HBL Konnect , MCB Lite, etc., to compete with real banking in Pakistan and focus on asaan accounts, which, of course, have transactional limits as they, however, is better than regular Easypaisa  accounts, as they offer similar features as normal bank accounts provides. 

On January 27th, SBP announced that the Easypaisa application for digital banking has been accepted; they are now granted approval, which will increase the user base of Easypaisa much further and help digital banking platform in Pakistan to grow much further.