KARACHI: Askari Bank Limited and Zong have launched ‘Timepey’, a technology-based branchless banking service that will make available a range of banking services to just about everyone, with remarkable convenience and efficiency, according to a statement on Saturday.
Aimed particularly at over 90 percent Pakistanis who do not have bank accounts, Timepey is set to give a new meaning altogether to the financial inclusion, it said.
Timepey users will be able to pay utility bills, transfer money to specified recipients anywhere in the country, deposit and withdraw cash and carry out account transfers. Users’ convenience has been kept as the foremost consideration in developing this new service, it said, adding that the users do not have to be ZONG customers or even be mobile phone subscribers.
As such the service offers complete flexibility to anyone who wishes to avail essential financial services without the need to open a bank account, according to the statement.
Fan Yunjun, chief executive officer of ZONG, said: “The launch of the Timepey branchless banking service is truly a major development that will benefit millions of people.”
“This use of modern technology to provide efficient, secure and convenient financial services to the public also has a strong corporate social responsibility angle, as the service will result in several socioeconomic benefits, particularly for the low and middle income segments, as for rural and peri-urban segments of the society, who are generally not reached by traditional banking.”
“This service is effectively a paradigm shift with far-reaching impact.”
M R Mehkari, president and chairman of Askari Bank Limited, said: “We are proud to have partnered with ZONG, the first international venture of China Mobile, for Timepey branchless banking programme.”
“By partnering with China Mobile Pakistan, Askari Bank has built a more scalable retail network of points at which people can conveniently pay into or cash out from their branchless banking accounts.”