A few years ago Telenor Pakistan came up with one of the most innovative service in the telecom sector of Pakistan under the brand name of Easy Paisa. At that time the tag line of Easy Paisa "badley zindagi asaani sy" didn't seem that much promising, but with the passage of time they delivered the promise and easy paisa became one of the most innovative and widely used service prodived by any telecom company in Pakistan after SMS. This gave a new trend for the industry "Branchless Banking.
After that Mobilink and UBL also tried to imitate Easy Paisa but still they couldn't grab much market share.
Now its HBL which has jumped into the market of Branchless Banking, basically the main reason of finding new ways to expand the market is the saturation of existing markets. Both telecom and banking sectors need some serious innovation to grab business so both are coming up with kind of joint ventures to facilitate their customers.
Recently HBL has advertised invitations for Branchless Bankig agents, which means that besides 1500 branches all around the country, HBL will be having its representation in almost every street of Pakistan. Currently HBL has partnered with Ufone for this purpose, and according to sources it can add more cellular partners to facilitate more customers.
The whole package seems promising but it looks like the carbon copy of UBL OMNI, eventually there would be many places in one street for utility bill collection, funds transfer, account opening, etc. There would be more chances of fake transactions etc. However I hope for the best for HBL and its customers, as the increasing competition encourages good quality of products and services.
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