ISLAMABAD: Zong4G is the last of the four mobile service providers to launch a fintech and has begun testing its digital nano-bank under the name “PayMax.”
According to company sources, the mobile app PayMax is likely to launch in the first week of January 2023.
Right now, Zone4G is Pakistan’s third biggest portable specialist organization with around in excess of 45 million supporters, and the organization is relying upon its client base particularly in rustic parts to focus on PayMax. However, according to the initial reports, PayMax will have fewer options than Jazz cash and Easypaisa, the market leaders.
At first, PayMax will provide food for cash move and ledger to any 1-Connection associated bank, charge installment, and another administration.
Zong’s “Timepey Service” was launched in the country a decade ago in partnership with Askari Bank; however, the mobile-based banking solution was discontinued in 2016. This will be Zong’s second fintech venture.
There are no banks backing Zong’s current fintech. It is based on regulations for Electronic Money Institutions (EMIs) that the State Bank of Pakistan (SBP) issued in 2019 under the Payment Systems and Electronic Fund Transfers Act.