Published on September 29th, 2011 | by Babar Bhatti3
UPayments Make it Easy to Transfer Funds From Your HBL Account Using Mobile Phone
As I noted in a post few months ago, there are many opportunities to provide Mobile Financial Services (MFS) in Pakistan. Different segments of the market need solutions customized to their needs. HBL and Ufone have partnered together to solve a common issue for bank account holders who want the convenience of transferring funds from their handset. Obvious benefits of UPayments include fast and cheaper transactions – in fact this saves money both for consumers and the bank. The other main benefit of the service is its interoperability with the major banks in Pakistan which is made possible by 1LINK – a consortium of major Pakistani banks.
Key Features of UPayments:
- Unlike banking phone apps, there is no need for Internet to use the UPayments service – just dial *808# from any Ufone handset to access UPayments.
- Service can be used for paying bills, checking your bank account and for bank transfer
- Funds are transferred from your HBL account to another HBL account or to any of the 17 partner banks
According to Ufone “the service not only eliminates the hassle of writing cheques, making demand drafts, reduces the cost of transaction but also eliminates ATM no cash/downtime issues and most importantly the ATM theft cases can be avoided once and for all. Furthermore UPayments FT/IBFT service is available anywhere anytime round-the-clock even on Ufone International Roaming network throughout the world which has over 290 roaming partners.”
At present following 17 Banks are part of the program: ABL, Askari Bank, Bank Al-Falah, Bank Al-Habib, Bank Islami, Bank of Punjab, Dawood Islamic Bank, Faysal Bank Ltd., HBL, JS Bank, KASB, NIB Bank, Soneri Bank, Standard Chartered Bank, Summit Bank Ltd., Tameer Microfinance Bank and UBL.
Ammar Faheem writes that “uFone selected the largest payment system provider in Pakistan, TPS, as their technology partner behind the initiative. TPS is the company driving the eBanking infrastructure of every leading bank in Pakistan and have a successful history in switching solutions, especially 1Link – Pakistan’s largest interbank switch.”
It will be interesting to see the adoption of the service by users and its subsequent expansion. I hope that HBL and Ufone can balance the user experience and security (easier said than done) and other telcos will also provide similar solutions.