ISLAMABAD: Zong4G has initiated the tests of its digital nano-bank by the name of “PayMax” to become the last of all the four mobile service providers launching its fintech.
The mobile based app — PayMax is likely to be launched in the first week of January, 2023, sources in the company said.
Currently, Zone4G is Pakistan’s third largest mobile service provider with around more than 45 million subscribers, and the company is banking on its customer base especially in rural parts to target for PayMax. But initial reports suggest PayMax will have limited options compared to the leading players in the market — Jazz cash and Easypaisa.
Initially, PayMax will cater for money transfer and bank account to any 1-Link connected bank, bill payment and some other services.
This will be the second fintech by Zong as it had launched “Timepey Service” in the country in collaboration with Askari Bank a decade ago though the mobile based banking solution was discontinued in 2016.
The current fintech by Zong is not backed by any bank. It is based on Electronic Money Institutions (EMIs) regulations issued by State Bank of Pakistan (SBP) in 2019, under the Payment Systems and Electronic Fund Transfers Act, 2007.
Published in Dawn, December 20th, 2022
