Zong4G has started testing its digital nano-bank called “PayMax”, becoming the last of all the four cellular service providers to launch its fintech project.
The bank’s mobile-based app is expected to be launched in the first week of January 2023, with the same name as the bank, Paymax, sources in the company said.
Zone4G is presently the third largest mobile service provider in the country with over 45 million subscribers. The company is relying on its customer base, particularly in the rural areas of Pakistan to target for PayMax.
However, initial reports suggest that Zong’s mobile banking app will have limited options compared to the leading players in the fintech market — Easypaisa and Jazz cash.
Initially, PayMax will offer money transfer services, bill payment, and other services. The PayMax account could also be used to transfer money to any 1-Link-connected bank account.
PayMax Bank Transfer
PayMax Bank Transfer to Bank Account allows customers to send money to their friends, family and business partners directly into their Bank Account from any PayMax outlet in the most efficient, secure, and convenient way. Anyone can use this service to send money to any 1-Link-connected bank account instantly.
How does it work?
- Bring your CNIC photocopy along with the original CNIC to any Zong Franchise or PayMax Agent.
- Give money to Paymax Agent and share mobile numbers of sender and receiver, Bank name and Bank Account number.
- Confirm the Bank Account Title of the receiver before the PayMax Agent processes the transaction.
- The sender and the receiver will get a confirmation SMS from 2525 upon successful transaction.
- Do not forget to collect the stamped receipt from the PayMax Agent.
There is a sending transaction limit of Rs. 50,000 per month on one CNIC.
Paymax is the second fintech by Zong. The company launched “Timepey Service” in the country in collaboration with Askari Bank a decade ago through the mobile-based banking solution. The service was discontinued in 2016.
Zong’s current fintech is not supported by any bank, rather it is based on the State Bank of Pakistan’s (SBP) Electronic Money Institutions (EMIs) regulations issued in 2019, under the Payment Systems and Electronic Fund Transfers Act, 2007.