JazzCash
FormerlyMobiCash
Company typePrivate
IndustryMobile financial services
FoundedNovember 29, 2012; 11 years ago (2012-11-29)[1]
HeadquartersPakistan
Key people
Aamir Ibrahim (CEO)[2] Murtaza Ali (Head of JazzCash)[3]
Products
  • Online payments
  • Mobile payments
  • Digital wallet
ParentJazz
Websitewww.jazzcash.com.pk

JazzCash, formerly known as MobiCash, is a Pakistani mobile wallet, mobile payments, and branchless banking services provider. It was launched in November 2012 as MobiCash by Mobilink (now Jazz) in partnership with their subsidiary bank Mobilink Microfinance Bank. It has a market share of 64 percent in mobile money activity.[4]

It also provides digital payment service through QR code in partnership with Masterpass.

The company, with a customer base of 44 million, has made a concerted effort to prioritise gender-intentional financial inclusion. As a result, around 29 percent of JazzCash customers are now women.[5] Under the broad ambit of digital financial services, JazzCash goes beyond payments to include critical services like savings, nano-loans, and insurance.[6] JazzCash is also the first and only nano-lender in Pakistan to offer free life and health insurance to its nano-loan customers.[7] The other most important facility provided by Jazz Cash is the introduction of the Jazz Cash Merchant Account which brought a positive impact on the businesses in Pakistan. Jazz Cash Merchant Account is a digital payment facility which ensures smooth and secure transactions of financial payments.[8]

History

JazzCash was launched in 2012 as MobiCash by Mobilink (now Jazz) in partnership with Waseela Bank, which was later renamed as Mobilink Microfinance Bank.[1] In 2016, MobiCash was renamed as JazzCash.[9]

In 2020, JazzCash partnered with Payoneer to provide freelancers with a solution that would allow them to withdraw funds from their Payoneer account through their JazzCash wallet.[10] Currently, more than one lac such accounts have been linked to JazzCash.[11]

See also

References

  1. ^ a b Attaa, Aamir. "Mobilink Launches MobiCash".
  2. ^ Startup Ecosystem Overview
  3. ^ [1]
  4. ^ Desk, BR Web (April 17, 2021). "JazzCash surpasses Easypaisa to lead the Mobile Money Market". Brecorder.
  5. ^ Desk, BR Web (November 5, 2023). "Around 29 pc of JazzCash customers are women: CEO". Brecorder.
  6. ^ Desk, APP Digital (February 29, 2024). "Jazz CEO vows 50pc women representation in digital wallet services for more inclusivity". Associated Press Pakistan.
  7. ^ Desk, BR Web (November 8, 2023). "Nano-loan customers: JazzCash introduces free life and health insurance". Brecorder.
  8. ^ Khan, MQ (2023-12-09). "How to Use and Create Jazz Cash Merchant Account in Pakistan 2024". pakmobnews.com.
  9. ^ "MobiCash is now JazzCash". 20 May 2016.
  10. ^ "JazzCash and Payoneer Team up to Make Freelance Payments Easy". Payoneer. 23 January 2020.
  11. ^ Ali, Kalbe (May 31, 2021). "Cash wallets are the future of fintech". DAWN.COM.


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