To share the piece of pie of the fastest growing mobile and branchless banking market a new team up between Zong and Askari Bank has been done. They had launched TimePey; a branchless banking solution. The main aim of Timepey is to facilitate the Pakistanis who are away from Banks. By using Timepay the users can pay their utility bills, deposit and withdraw cash, transfer money to specified person and carry out account transfers.
Two telecoms Mobilink and Telenor has already started to offer mobile banking. Zong has become the third telecom operator in Pakistan which offers mobile banking services. TimePey which provides a branchless banking service is formed after the collaboration of commercial bank and a telecom operator.
Words from the Director of Zong
According to Usman Ishaq, the Executive Director of Zong, the rise in branchless banking seems to be significant but is not enough so that it can meet the demand. He added that the services provided by them will be enhanced later by adding more services like salary distribution, payment services, home remittances, transactions for food chain, microfinance and transactions which are related to the medium and small enterprises.
Words from the President of Askari Bank
The Chairman and President of Askari Bank, MR Mehkari, on the special occasion of lunch of TimePay said that they have built a scalable trade network after partnering with the China Mobile Communications Corporation at which people can easily cash out or pay using their account of branchless banking service. Currently there are more than 3,000 TimePay agents.
Information about Zong
April 20, 2000 was the date when China Mobile Corporation was officially established. The registered capital of China Mobile Pakistan is 51.8 billion Yuan and has assets of more than 400 billion Yuan. Among the overseas companies in terms of network coverage, market value and subscriber, it is the largest company.
Is there any problem in opening TimePey account
There is no any problem and restrictions on opening TimPey account. There is no problem even the user is not a mobile phone subscriber or is not a Zong customer. Officials said that if anyone wants to have financial services even without opening any bank account it is now possible.
TimePey is offering funds transfer service in following four modes:
- CNIC to CNIC
- CNIC to Mobile Account
- Mobile Account to Mobile Account
- Mobile Account to CNIC
The charges for CNIC to CNIC fund transfers of different Mobile financial service providers are:
Transaction Slabs (PKR)
|0 – 1,000||Rs. 60||Rs. 60||Rs. 60|
|1,001 – 2,500||Rs. 120||Rs. 120||Rs. 120|
|2,501 – 4,000||Rs. 170||Rs. 180||Rs. 180|
|4,001 – 6,000||Rs. 230||Rs. 240||Rs. 240|
|6,001 – 8,000||Rs. 290||Rs. 300||Rs. 300|
|8,001 – 10,000||Rs. 350||Rs. 350||Rs. 360|
|10,001 – 13,000||Rs. 400||Rs. 400||Rs. 420|
|13,001 – 15,000||Rs. 450||Rs. 450||Rs. 480|
All prices include taxes
Service charges for other services:
- Opening of Timepey Account (Level – 0): Rs. 58
- Opening of Timepey Account (Level – 1): Rs. 58
- Cash Deposit (For Timepey Account Holders: Free
- Utility Bill Payment: Free
- Mini Statement: Free
- Balance Enquiry: Free
Locations of TimePey Agents:
According to Zong, throughout the country there will be more than 3,000 TimePey outlets.