Pakistan’s digital finance sector is gaining momentum as mobile wallets surpass traditional bank accounts in popularity, signaling a major step toward a cashless economy. With over 143 million broadband subscribers nationwide, the country has the digital infrastructure needed to scale these services rapidly.
Government Sees Mobile Wallets as Key to Financial Inclusion
Minister for IT and Telecom Shaza Fatima emphasized the government’s commitment to reducing reliance on cash and expanding digital payments. She pointed out that branchless banking has already created a strong foundation, and mobile wallets now play a larger role in people’s financial lives than conventional bank accounts.
Easypaisa: From Pioneer to Digital Bank
Telenor’s Easypaisa, launched in 2009 as Pakistan’s first mobile wallet, has since evolved into the country’s first fully licensed digital bank. According to Easypaisa Digital Bank’s Chief Digital Officer Farhan Hassan, the platform offers the same range of services as traditional banks—account management, loans, and payments—while targeting millions who remain unbanked. Today, Easypaisa serves nearly 18 million monthly active users, 14 million of whom access services through its mobile app.
JazzCash Maintains Market Lead
JazzCash, introduced in 2012, has grown into Pakistan’s largest digital wallet service with 21 million monthly active users and around 15 million app users. The platform owes much of its success to an easy sign-up process that doesn’t require paperwork or physical visits to a bank branch.
Khayam Siddiqi, Head of Communication at JazzCash, noted that beyond basic payments, the app now supports microloans, insurance, savings, and even government and welfare disbursements. Its penetration in rural areas has been a crucial factor, while Easypaisa remains particularly strong in major cities.
A Market Still Shaping Up
Despite speculation about its future after the Telenor-PTCL merger, Easypaisa has managed to keep its user base steady. Meanwhile, Ufone’s Upaisa has captured only a small slice of the market, and Zong has yet to enter the wallet space altogether.
Analysts say the appeal of digital wallets lies in their accessibility—each account is tied to a mobile number, and deposits or withdrawals can be handled through thousands of local retailers acting as agents. This agent network has made digital finance possible even in areas with little banking infrastructure.
The Road Ahead
As Pakistan doubles down on its cashless economy ambitions, JazzCash and Easypaisa are expected to remain the driving forces. Their role in bringing financial services to people historically excluded from the banking system is not just reshaping how Pakistanis pay, but also how they save, borrow, and insure their livelihoods.
