SimSim shows how Digital Payments should be done in Pakistan

SimSim Finja

The physical money will become a thing of the past around the world in the coming future where people will prefer to do their transactions digitally instead of keeping a wallet full of money with them at all times.

Digital Payments, the concept that provides the solution to our everyday banking problems is also rapidly gaining momentum in Pakistani market. Though more than half of the population of the country do not have access to the conventional and mobile banking services, others are seemingly responding to this new trend in a positive manner.

Also ReadPlan9 partners with SimSim to enable cashless transactions in Pakistan

We have already seen the wonders of digital payments at Eat Lahore festival earlier this year when people rushed to use SimSim, a pilot project of Finja, to buy and sell various food items.

Since then, SimSim has grown not just in the number of accounts but it has also upgraded its mobile application to provide better services to its users.

Why is SimSim Unique?

Qasif Shahid, the CEO of Finja while talking to MORE revealed that they have acquired the final approval by the State bank of Pakistan and are now launching the digital wallet for commercial use.

SimSim till now has taken around 800 merchants on board including restaurants, gyms, electronic shops etc. that now accept digital payments via company’s mobile application.

Instead of conquering Pakistan, SimSim is focusing on perfecting their operations one city at a time. The initial focus of the company is to create flawless operations model in Lahore and Karachi whereafter it will move towards the rest of the cities in Pakistan.

One of the best things about the digital wallet is that the company is not focused on urging people to open an account in their parent bank, Finca but want its users to rely on the app to carry out their everyday transactions.

The SimSim users can transfer money to other users or even to various bank accounts free of cost granted the figure is less than Rs. 10,000. For higher amount, the company will charge Rs. 8 per transaction, something the company hopes to abolish in the future.

Unlike JazzCash and Easypaisa, there are no service charges for any transaction that is completed through SimSim

The company has witnessed the registration of over 40,000 accounts in just its pilot phase which shows the untapped potential of the digital payments solution in Pakistan

Qasif is hopeful about the future of Mobile banking in the country where he foresees the creation of a larger market in 3-5 years consisting of more than 100 million customers.

“This future could only be possible when there are multiple players in the market with innovative products, providing financial services to people without any fee and the entire eco-system is being run by seamless banking policies,” he further added.

One of the added bonuses of creating a complete made in Pakistan digital payments ecosystem will be that the money and the data of the users will stay in the country, which will result in the security of the data and better economic condition of the country.

Though Pakistan has many branchless banking options, SimSim is one of its kind when it comes to the vision of eradicating paper cash or plastic debit/credit cards from the country.

By making a strong environment for digital payments eco-system, the country would be able to attract payment gateway giants like Paypal in the country. But, before we look towards the entrance of these companies in the Pakistan we need to make sure that we have a stable market that wants to break free from the traditional banking methods.

We have previously shown you how the SimSim mobile app works and how a user can make an account to create their own digital wallet. Now the company is moving forward by integrating various other services in its mobile application, providing a 360-degree immersive experience to its users.

Let’s walk through various new options available in SimSim mobile wallet;

Tickets

Plan on watching a movie, attending an event or buying a bus ticket? You don’t have to go to the physical location anymore to acquire the tickets.

SimSim has partnered with Easy Tickets to include this service in their mobile app. So instead of installing Easy Tickets and SimSim app at the same time, you can just use the latter to buy the tickets at your convenience.

Top Ups

Out of mobile balance and don’t feel like leaving your bed or going to the nearest store? No problem just use the SimSim mobile wallet to top up your mobile balance anytime.

Pay Bills

No need to stand in pesky lines or going to your nearest store to pay your bills as with SimSim all you need to do is tap on your mobile phone for a few times and voila, your bills are paid.

Online Vouchers

Do you need an online voucher? Simple, go to your digital wallet and look at various online vouchers provided with in partnership with Cardwala and pay instantly without breaking a sweat.

Quick Pay

Annoyed by putting details while paying bills, transferring money etc.? Just put them in the Quick pay category to make your life simple and easy.

Link SimSim with Finca Account

Own a bank account in Finca Bank? Well, you can link it with your SimSim wallet and please don’t worry if you don’t have an account in this bank as this digital payments solution doesn’t discriminate over your choice of bank.

E-Statement

Require e-statement of your banking activity? Just request one with SimSim by letting them know which period are you interested in for example a month or more.

Records of Transactions

Unlike physical money, you don’t have to worry about remembering where you spent all your money as the digital wallet can keep track of all your transactions.

Limit of the SimSim Account

For a simple SimSim account, the Daily limit is Rs. 25,000, the Monthly limit is Rs. 40,000 and Yearly limit is Rs. 200,000. You can upgrade your limit by providing additional information to the company for verifications.

Order ATM

Still hung up on an ATM card? Request one for your SimSim digital wallet and keep your traditional banking habits alive in a partial way.

Send & Request Money

You want to send money to a friend and request money from parents? SimSim has got you covered, just go to the mobile application, you will find the specific feature

Adding Money

Do you want to add money to your digital wallet? you can accomplish it via other SimSim users, Finca Bank account, Debit/Credit cards, inter bank Funds Transfer, ATMs, and UBL Omni Agents. You can watch the tutorials of these methods in the mobile app.

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