It seems like the Air of novelty and reinvention have routed towards the land of opportunities, Pakistan. After the arrival of incentive based punch system, today ZONG in Collaboration with Askari Bank (Financial Institution) announced a new branch less banking service called, “TimePey.” Before the launch of this mobile financial service, there are already three existing mobile financial services present in Pakistan with the names of EasyPaisa, UBL Omni, and newly launched MobiCash, three days prior to TimePey service. Those of you, who are not familiar with the name or services or are very new to these names or services, allow us to explain you about these services in short.
The services that we mentioned above starting from EasyPaisa, UBL Omni, and MobiCash, these are the financial services integrated in mobile. If some one needs to send money across city and doesn’t got a back account, so the person can visit any retailer shop with proper identification of his including the person to whom the money needs to be sent. Once all the requirements are fulfilled, the retailer tells you a code and takes the amount that you want to send to another person with a small fee. After taking the amount and fee, there is a code word provided to you by which the other person can get the amount from retailer from a near by location. In other words, we can say that these mobile financial institutions work like Western Union and Money Gram. The only difference is of service level. These services are used locally in Pakistan to send Money across the cities and Western Union type of financial institutions are used to send money internationally.
In the above list of mobile financial services, we haven’t named recently announced mobile financial service called TimePey because it is not just related to sending or receiving of money across cities. This service of TimePey is more than you think.
Before we proceed on with TimePey details, we would like to explain the meaning and concept of TimePey that we learned today at the ZONG Media Event in Pakistan.
First, the word “TimePey” means “On Time.” After converting the name “TimePey,” the meaning of the word might be clearer to you. The meaning of the name is purely reflecting the things occurring on time rather than getting them late like others.
What is TimePey?
TimePey is a perfect solution for your financial needs and a branchless banking system that is recently introduced by ZONG in collaboration with Askari Bank in Pakistan. It allows a chapman to enjoy all the services/benefits that are offered to people who own a bank account. TimePey doesn’t require any one to open a back account before they cannot use this service, nor it requires a person to be an existing ZONG Customer. All it requires is the person should have his/her C.N.I.C in order to avail all the features that it is offering.
What is the use of TimePey Branchless Banking?
The main and basic use of TimePey is to deliver the amount of money on time to your loved ones from you when they are in need or on the moment of happiness.
Further expanding the use of TimePey, we can do those things that we cannot do with its competitors. If we say that we can use all the facilities of an ATM Machine without using it on our mobile with the help of TimePey, it wouldn’t be wrong.
What are The Benefits of TimePey Branchless Banking?
Other than receiving or sending the money to your loved ones, you can even pay your school, college fees, utility bills, recharge mobile phones, transfer money to any one in few steps without going to bank, and many more benefits one can avail from TimePey.
Who can Utilize TimePey Branchless Banking Service?
This TimePey Branchless Banking Service is not limited to a particular public like Banks. This TimePey service can be utilized by any one from any race, place, gender, and city-having C.N.I.C (Country National Identity Card) can utilize this service on the go.
The person using this service doesn’t require any technical knowledge to use this service. This TimePey service works like other services available currently, but in a very secure way.
TimePey Branchless Services A Threat to Existing Services?
As far as we think about the TimePey Branchless Services, we can take it as a real threat for other competitors like EasyPaisa, MobiCash, and UBL Omni because the market is already set for this new innovative idea. People are already aware of the service that is being provided by other vendors. Therefore, it is an opportunity for TimePey to grab some market share, as it is offering tons of new features and facilities that aren’t being currently provided by the competitors of TimePey.
In a briefing made to us along with Wasio Abbasi, from a Zong’s official person, showed us the complete how to of the service. The person also explained about the features and showed us a demo of TimePey on his Mobile.
What we learned from the short briefing was that a person can enjoy all the features of an ATM Machine a long with tons of new features by just pressing (*888#) from his mobile. In order to enjoy all the features, the person should open a mobile account with Askari Bank’s any branch or can visit to any nearest Zong’s Customer Care center.
Moreover, according to a transaction slab made by ProPakistani showed some more evidence of TimePey being a real threat to its competitors. The price slab is as follows:
The only advantage of TimePey over MobiCash and EasyPaisa is on the sending amount of 2500-8000, where you can save up to RS 30 and on bigger amounts, the charges are same of TimePey with MobiCash. The charges of EasyPaisa are higher than MobiCash and TimePey.
- Another competitive advantage of TimePey over MobiCash and EasyPaisa is that its offering two level Mobile accounts, Mobile Account
- Level 1 Account
- Level 2 Account
P2P Funds Transfer, Bill payment, Mobile Balance Top Up, and Business Solution of:
- Salary Disbursement
- Business to Consumer Payment
Salary Distribution of TimePey:
When we asked about Salary disbursement Solution, the representative told us that:
“We have made life’s much easier than before by implementing this new TimePey Branchless Service. With the help of this service, a person can disburse the salary of his employees directly into their TimePey account, so that they don’t need to go the bank to cash the cheque or to see if salary has been transferred not or to submit a pay order.
After implementing this TimePey service, the life would be made easier of every one from lower class to higher class.”
When asked about Business to Consumer Payment, the representative had some guests to greet that are why he couldn’t brief. This doesn’t means that you will be left in dark if he didn’t educated us about this feature, so what. We did some research and found out the following result.
The name might sound new strange, “Business to Consumer Payment.” The method and the function are old and people doing business are using this method. Those of you are familiar with PayPal must be aware of an account option of Business. Initially PayPal offers three options when you are tending to open an account. The first option is of Personal, Second is of Seller, and the third is of Business.
Business to Consumer Payment of TimePey:
Over here, business to consumer payment is a way in which intermediary or retailer is eliminated and the business directly contacts with the consumer.
It is said that an image is worth thousand words, therefore the image below will give you a crystal clear idea of this option.
The image shown above is to just give you a hypothetical idea about the system that TimePey would be offering you, whenever they have made this service live.
Now coming towards the end of the story that is conclusion. The event was ended with a smiling group photo of all the celebrities that were invited to lighten the event of TimePey by ZONG.
Finally yet importantly, special thanks to Farzana Abdullah of Creative Jin for inviting us at this precious event to see how technology has changed the banking sector from paper to electronics.