Pakistan (Muhammad Yasir) China Mobile, Parent company of Pakistan’s leading telecommunications network, Zong 4G, promoted its first digital payments solution ‘PayMax,’ during an exclusive product showcasing event at Zong HQ in Islamabad. This strategic venture aims to empower the people of Pakistan with a financial solution that is secure, unique and ensures inclusion in the unbanked sector of Pakistan.
China Mobile Pakistan (CMPAK) and Electronic Commerce Company Limited (ECCL), a 100% owned subsidiary of CMPAK ventured into the market of Digital Financial Services after getting the Electronic Money Institution (EMI) License in Pakistan from SBP in March 2022.
After acquiring the license, CMPAK ECCL went on to launch its commercial digital payments solution under the brand name “PayMax” which furthers CMPAK’s vision and drive of a more digitally and financially inclusive Pakistan.
Speaking at the occasion, CEO CMPAK & Zong4G, said, “Our mission is ‘to provide a trustworthy digital payments system through collaborative ecosystem for cashless payments.” He concluded by wishing PayMax success in the future.
As a developing country, a significant segment of the economy in Pakistan is still undocumented and operating through traditional transaction channels which rely heavily on the use of cash, limiting business opportunities and growth severely. With over 60% of the adult population being unbanked, Paymax aims at providing seamless digital payment solutions to them.
A robust digital payments solution makes financial management a lot easier, that too with added security. PayMax – a Digital Wallet Account also plans to partner with financial institutions and solution providers from across the sectors to offer innovative financial products that solve consumer pain points, such as Nano Loans, Handset Financing, Cross Border Payments, Insurance, Channel Interoperability, and Merchant Financing.
Intending to provide a solution that empowers and enables every Pakistani across the country, with PayMax you can register your mobile account by providing a simple KYC, you can carry out Cash Deposits & Cash Withdrawals, transfer money to or from any bank or wallet in Pakistan, pay more than 1700+ online Billers with this number rapidly growing.
Adding on, CEO ECCL, Syed Naveed Akhtar, said, “Our objective is to turn PayMax into a financially sustainable organization by gaining customers’ trust through offering best value use cases, convenience, reliability & great customer experience. Our target market and focus in the first phase are approximately 34 million Zong 4G tech savvy super data users followed by the rest of the potential digital payment customer base in the country.”
PayMax is determined to become one of the leading digital payment solutions providers in the Digital Financial Services Industry, utilizing CMPAK – Zong4G’s 45 million subscribers base and an agent network of more than 43,000 BVS retailers all across Pakistan.