The Ericsson Wallet Platform, a fintech solution from Ericsson, is set to position Telenor Microfinance Bank as a Digital Bank (pending regulatory approvals). It will provide an array of novel digital financial services, showcasing innovation and versatility.
The reinforced partnership with Ericsson will focus on accelerating fintech innovation and the development of revenue-generating service offerings in Pakistan.
Telenor Microfinance Bank (TMB) and Ericsson have reaffirmed their collaboration, underscoring their dedication to fostering financial inclusion and empowerment in Pakistan. They recently inked a multi-year extension of their partnership, aimed at advancing easypaisa’s financial services and broadening the scope of their service portfolio within the fintech sector.
The Ericsson Wallet Platform, a forefront fintech solution from Ericsson, is poised to assist TMB on its path to becoming a Digital Bank in Pakistan (pending regulatory approvals). Through the introduction of a diverse array of new and innovative digital financial services, this collaboration signifies a pivotal moment in TMB’s growth as it modernizes and expands the easypaisa platform, marking a significant milestone in its journey toward becoming a digital bank in the country.
Constructed with state-of-the-art security technologies and guided by an open architecture framework supported by a diverse set of Application Programming Interfaces (APIs), the Ericsson Wallet Platform empowers individuals and businesses to engage in secure and convenient banking and payment transactions effortlessly, directly from their mobile or smart devices. Within this platform, easypaisa customers can securely oversee funds, make payments to merchants and utility providers, and seamlessly access loans and insurance services, promoting financial freedom and stability through a user-friendly and affordable approach.
Chief Executive Officer and President of TMB & Easypaisa
Kashif Ahmed, Acting Chief Executive Officer and President of TMB & easypaisa, expresses commitment to fostering financial inclusion and empowerment in Pakistan. Leveraging our cutting-edge in-house technology, driven by the Ericsson Wallet Platform, we aspire to establish our position as a premier Digital Bank, offering a range of new and innovative digital financial services to millions of Pakistanis. Through this strategic collaboration, our collective objective is to reshape the financial landscape throughout Pakistan and cultivate an inclusive ecosystem that brings widespread benefits to the entire country.
The Ericsson Wallet Platform supports over 400 million registered mobile wallets and processes more than 2.8 billion transactions worth over USD 40 billion monthly through communication service providers and financial institutions globally.
Michael Wallis-Brown, Head of Mobile Financial Services at Ericsson, affirms, “Our collaboration with Telenor Microfinance Bank represents a shared vision to accelerate fintech innovation, contributing to financial inclusion and empowerment in Pakistan. Utilizing the Ericsson Wallet Platform, our goal is to connect easypaisa customers with advanced banking and fintech services, integrating transformative technologies to enhance capabilities. We are dedicated to providing secure, user-friendly easypaisa services and mobile financial offerings. Together, our commitment is to drive financial inclusion and economic growth by delivering seamless mobile financial solutions tailored to meet the dynamic needs of today’s digital age.”
For numerous years, Ericsson and TMB have forged a successful collaboration to advance financial inclusion and empowerment in Pakistan. The pioneering products and services provided by TMB & easypaisa are tailored to address the distinct needs of all segments of the Pakistani population, evident in the fact that one in every four adults in Pakistan holds a registered easypaisa account.
With over 40 million registered mobile accounts and counting, easypaisa continues to lead Pakistan’s digital financial services landscape, dedicated to fostering financial inclusion through the power of collaboration and technology.
Conclusion
The partnership between TMB and Ericsson signifies a new era for Easypaisa Financial Services. The fusion of technology and financial expertise holds the promise of a more inclusive, accessible, and user-friendly financial future. As TMB and Ericsson continue to innovate and overcome challenges, Easypaisa stands as a testament to the transformative power of collaboration.
