Askari Bank and China Mobile Pakistan (Zong) have jointly re-launched their branchless banking program under the brand name of PayMax.
Branchless banking has already taken root in Pakistan and is all poised to become a formidable alternative to conventional banking. A mobile phone can be used to enter, display, process, store, and transmit information. The existence of a SIM card inside the mobile phone, a connected device, provides a peculiar architecture to the banks that can be used as a payment device and transactional channel. This is because the SIM card is a smart card (a card with a chip) and the mobile phone is a limited computer connected to the network.
As such the mobile phone enables the banks and their customers to interact remotely in a trusted manner either directly or through branchless banking agents. By partnering with China Mobile Pakistan, Askari Bank has adapted its existing “brick and mortar” network and technology platform to a low-value, high-volume transaction environment and has thus built a more scalable retail network of points at which people can conveniently pay into or cash out from their branchless banking accounts. This will be the mainstay of Askari Bank’s branchless banking program to achieve a massive reach to the customers regardless of location, time, economic condition and gender.
We assure all of our stakeholders to run our branchless banking program with a view to enabling dignity and choice for the poor of Pakistan as a viable business proposition.