“I’ll pay the cash later.”
You’d have often heard this statement and waited for the time to get your payment in hand. But what if there’s a solution to get instant payment, would you adopt it? That’s where Fintech companies come in need.
Fintech short for financial technology is the solution to digitize financial services. It serves a number of business segments such as money transfers, investment management, personal finance, and banking. Using Fintech, you can send and receive money via mobiles.
Simply put, it removes the cash-based payment system by changing our relationship with money. You don’t need to take assistance from a person when you can manage all the transactions from mobile. It uses technology like big data and analytics to learn customer preferences and design products accordingly.
Fintech in Pakistan
Recently, Prime minister Imran announced Raast, an instant payment system that will boast his vision of Digital Pakistan. Similarly, JazzCash and Easypaisa are also leading examples of fintech in Pakistan. Our country is not yet fast in adopting Fintech but in the last five years, Pakistan has witnessed a dramatic increase in Epayments. It’s also because of the coronavirus pandemic that has transformed digitization in Pakistan.
The good part is now there are a wide number of Fintech companies and startups in Pakistan who are working to digitize finances. Let’s take a quick look at these companies.
Top Leading Fintech Companies in Pakistan
TPS is a global provider of cards and payment solutions with a customer base in Europe, South Asia, Africa, and the Middle East. It transforms the conventional banking experience through digital payment solutions for banks and financial institutions. One of the leading fintech companies of Pakistan who are working in pursuit of continuous innovation for seamless payment possibilities.
AutoSoft Dynamics is the leader in the banking automation industry and serves the true fintech companies meaning. It’s known for engaging with leading global banks and financial institutions. It brings diversification in banking experience using cutting-edge solutions. AutoSoft is one of the first banking software automation companies to develop and deploy a fully Shariah-compliant product suite.
JazzCash is Pakistan’s largest mobile wallet app which makes your day to day banking transactions fast and convenient. Users can send money on CNIC, mobile numbers, and bank accounts through JazzCash. It’s a leader in providing branchless banking fintech solutions.
Tez financial services is a fintech association of Pakistan that offers credit, savings, insurance, and investments via a uniform, data-driven platform. Similar to its name it gives fast and efficient financial services in a transparent manner. With it, you can find a doctor online, get hospital insurance, loan and involve in affordable life plans to have a stress-free life.
Avanza is one of the leading software houses in Pakistan that also provides channel banking, business automation, blockchain products to its customers. It works to convert traditional banking into efficient and seamless mobile-friendly solutions using blockchain and AI. Being the oldest technology powerhouse, it also opens its door to fintech opportunities in Pakistan.
Mawazna is Pakistan’s leading personal finance marketplace that offers a wide range of insurance products to Pakistani consumers. It works as a bridge between insurance and takaful companies. You can search for the right insurance plan by comparing it with different companies and lock in the perfect deal. Like its name, it helps you buy the balance insurance plan from a long list of offers.
Finja is one of the leading financial service providers in Pakistan for professionals, merchants, and SME businesses. The app makes it easy for employees to receive salaries, apply for an instant loan, pay utility bills, make QR payments, do online shopping and manage all their financial operations with a click. It also provides you with the FINJA card and allows you to turn it into a debit or credit card according to your needs.
CreditFix works to enable the digital lending ecosystem. With its app, you can apply for financing of consumer goods without visiting the bank or involving in any paperwork. Simply put, it provides microloan to small businesses or underserved customers through the app. This fintech company is also playing its role to help banks digitize their lending operations.
Karandaaz aims to make economically empowered Pakistan through the financial inclusion of unbanked individuals and unserved enterprises. It promotes access to finance for micro, small and medium-sized businesses through a commercially directed investment platform by employing technology-enabled solutions.
CareemPay makes the perfect Fintech news with its tagline of Goodbye Cash. Using CareemPay features, you can add your credit card and avail cash-free digital services. For example, you can pay for rides, deliveries, and packages in an instant without cash.
OneLoad is owned and operated by EP Systems; a company set up as a partnership between Systems Limited (Pakistan’s leading IT company) and banking and mobility professionals. It enables users to buy prepaid vouchers for mobile companies and broadband services. With it, you don’t need to maintain a huge inventory of scratch cards as it itself a one-stop online solution for retailers.
PayPro is Pakistan’s leading fintech company that enables businesses to manage their finances efficiently. It offers smart invoicing, subscription management services, and collection of payments through an extensive network of payment partners. It also helps automate the cash cycle in different sectors including healthcare, education, logistics, and eCommerce.
UPaisa is like your banking app. It gives all banking services with a click. The app is a joint collaboration between U Microfinance bank & Ufone launched innovative branchless banking solutions.
Digi Khata is a 100% secure, free, and safe solution that replaces the traditional method of sending and receiving money through a digital ledger account. It’s best for shopkeepers, small businesses to record their transactions anywhere, anytime. You can send payment receipts through Whatsapp, send payment reminders and manage your personal loans with ease.
Hysab Kytab fits well into the fintech meaning. It lets you manage your expenses, save money, and let you solve the money chaos. You can track your expenses, analyze, and plan more efficiently to build money-saving habits.
Top Leading Fintech Banks
HBL is one of the first companies to adopt the digital medium in Pakistan. With HBL mobile you can send and receive instant money, pay bills, apply for loans, and get access to a number of financial services. Konnect by HBL is also a step ahead in providing a mobile banking experience. It also allows you to open your digital bank account without you visiting the bank. Other than that, the app also makes the financial operations cashless and paperless.
Meezan is the top-rated, most popular bank in Pakistan because of its ease of operations. With the Meezan bank app on your phone, you can do unlimited transactions, send and receive money, activate/deactivate your debit card, and much more. It makes banking quick, convenient, paperless with its intuitive features and tools.
UBL Digital is another good example of fintech companies in Pakistan. The app is one of the best-rated apps on the Play Store because of its wide range of operations with a click. Whether it’s about funds transfer, paying bills, doing online shopping, mobile top-ups, cheque or card management, the app always helps on a click.
Telenor Microfinance Bank
Telenor Microfinance Bank Limited is the first scheduled microfinance bank in Pakistan that provides a range of innovative payments and lending solutions. It operates as a fintech by bringing cutting-edge technology solutions to transform Pakistan into a cashless, financially inclusive society. Easypaisa is also a product of Telenor Bank that has created history with the idea of a branchless banking platform.
Similar to HBL Mobile, the Alfa app by Bank Alfalah also offers seamless banking from anywhere and anytime. With more than 730 branches and an international presence in UAE, Bangladesh, Bahrain, and Afghanistan, the bank is known for providing a multitude of financial operations through technology. It’s also a recommended bank for online banking in 2021 and onwards.
Askari Mobile App
Askari Mobile App is a one-stop solution to all your financial operations. With it you can send and receive instant money, pay utility bills, perform business payments, e-commerce transactions, involve in investment plans, and much more. It also allows you to manage your debit and credit card through the app.
Standard Chartered app is a friendly and convenient application to manage your finances anytime and anywhere. It’s designed to keep your banking needs in mind. Users can control their finances with its intuitive interface and powerful features.
Similar to other baking apps, the MCB bank app also automates traditional banking services with its fintech operations. However, the app isn’t much appreciated and liked by users.
Fintech Startups in Pakistan
NayaPay is a fintech startup that has partnered with the leading banks and agent networks to enable customers to open E-money wallets. It let you make hassle-free digital payment through an online wallet system. With it, customers can send and receive money through secured transactions.
Like NayaPay, SadaPay is also a fintech startup that makes digital payment easy without any additional cost. It also gives you a free Mastercard debit card. Sadapay operates without the physical infrastructure of the traditional banks and instead saves the money to give free financial services.
YPay is a fintech startup that makes digital investment convenient and faster. It makes your money work by providing you with an opportunity to invest with minimum risk and suitable return profits. It works to make people financially literate and to grow them towards a digital future. YPay app is in beta mode. Besides investment, it also helps to track your spending and manage money on the go.
Foree is regulated by the State Bank of Pakistan. It enables you to send and request money like a Whatsapp message. It’s not a replacement for your banking app. Instead, it allows you to integrate all your bank accounts and cards in its app. You can send money using a phone number.
Keenu is a free digital payment app that works to make money cashless. It has also been given pilot approval to operate as an Electronic Money Institution (EMI) by the State Bank of Pakistan. With Keenu you can shop online, avail deals and discounts, send money, pay bills, do mobile top-ups, and move money from your mobile number to anywhere at any time. When you have Keenu, you don’t need to worry about keeping cash in your pockets.
Trellis Housing Finance Limited
Trellis Housing Finance Limited is a housing finance company that provides solutions to Pakistan’s home affordability crisis through home financing to low and middle-income households. It leverages fintech to address the needs of an underserved market.
Monet allows merchants and businesses to expand their financial operations through cards. It offers secure payment processing solutions through Visa, MasterCard, and UnionPay. Not only this, but it also offers discounts, loyalty programs, and support different payment types to make finances easy.
These are some of the prominent fintech companies of Pakistan including startups and banks. Some might still be missing while some might be in the pre-launch phase. The point is Pakistan is getting better in the Fintech industry with time. However, there are some scope and challenges for Fintech in Pakistan such as lack of internet facilities in underdeveloped areas, lack of awareness, and accessibility to a wide number of people.
In the future, if we meet the fintech challenges successfully, we won’t only grow our economy but will also open a range of opportunities for our people.
If you think, we miss a deserving fintech company of Pakistan in the list above, feel free to mention it in the comments section below or contact us here.
I prefer books and diaries more than phones and Facebook. Soulfully connected to Pakistan. And I passionately believe that I can change the world through blogging.