ECCL (CMPAK Subsidiary) Showcases Its New Digital Payments Solution, "PayMax"

ECCL (CMPAK Subsidiary) Showcases Its New Digital Payments Solution, “PayMax”

China Mobile, Parent company of Pakistan’s leading telecommunications network, Zong 4G, promoted its first digital payments solution ‘PayMax,’ during an exclusive product showcasing event at Zong HQ in Islamabad. This strategic venture aims to empower the people of Pakistan with a financial solution that is secure, unique and ensures inclusion in the unbanked sector of Pakistan.

China Mobile Pakistan (CMPAK) and Electronic Commerce Company Limited (ECCL), a 100% owned subsidiary of CMPAK ventured into the market of Digital Financial Services after getting the Electronic Money Institution (EMI) License in Pakistan from SBP in March 2022.

After acquiring the license, CMPAK ECCL went on to launch its commercial digital payments solution under the brand name “PayMax” which furthers CMPAK’s vision and drive of a more digitally and financially inclusive Pakistan.

Speaking at the occasion, CEO CMPAK & Zong4G, said, “Our mission is ‘to provide a trustworthy digital payments system through collaborative ecosystem for cashless payments.” He concluded by wishing PayMax success in the future.

As a developing country, a significant segment of the economy in Pakistan is still undocumented and operating through traditional transaction channels which rely heavily on the use of cash, limiting business opportunities and growth severely. With over 60% of the adult population being unbanked, Paymax aims at providing seamless digital payment solutions to them.

A robust digital payments solution makes financial management a lot easier, that too with added security. PayMax – a Digital Wallet Account also plans to partner with financial institutions and solution providers from across the sectors to offer innovative financial products that solve consumer pain points, such as Nano Loans, Handset Financing, Cross Border Payments, Insurance, Channel Interoperability, and Merchant Financing.

Intending to provide a solution that empowers and enables every Pakistani across the country, with PayMax you can register your mobile account by providing a simple KYC, you can carry out Cash Deposits & Cash Withdrawals, transfer money to or from any bank or wallet in Pakistan, pay more than 1700+ online Billers with this number rapidly growing.

Adding on, CEO ECCL, Syed Naveed Akhtar, said, “Our objective is to turn PayMax into a financially sustainable organization by gaining customers’ trust through offering best value use cases, convenience, reliability & great customer experience. Our target market and focus in the first phase are approximately 34 million Zong 4G tech savvy super data users followed by the rest of the potential digital payment customer base in the country.”

PayMax is determined to become one of the leading digital payment solutions providers in the Digital Financial Services Industry, utilizing CMPAK – Zong4G’s 45 million subscribers base and an agent network of more than 43,000 BVS retailers all across Pakistan.

  • Bank Alfalah kept its growth trajectory in 2022
    The Board of Directors of Bank Alfalah Limited (BAFL), in its meeting held on February 2, 2023, approved the Bank’s financial results for year ended December 31, 2022. The Bank posted profit after tax growth of 28.1% compared to last year, standing at Rs. 18.206 billion. This translates into earnings per share (EPS) of Rs. […]
  • Fatima Fertilizer teams up with Multan Sultans for PSL season 8
    Lahore: Fatima Fertilizer signed a Memorandum of Understanding (MoU) agreement with Multan Sultans, renewing their partnership for the eighth season of PSL which is due to start on February 13, 2023. The agreement was signed by Haider Azhar, Chief Operating Officer (COO) of Multan Sultans and Rabel Sadozai, Director of Sales and Marketing at Fatima […]
  • The Institute of Business Management Holds its Annual Career Fair 2023
    Karachi: The Institute of Business Management recently held its annual Career Fair 2023 to facilitate graduating students in their hunt to get appropriate job placements that will advance their careers. With representatives from more than 100 companies belonging to diverse industries including top management, CEOs and HR directors participating in the fair, students were able […]
  • MMBL Joins Hands with Avanza Solutions to Launch DOST Corporate Portal
    Islamabad: Mobilink Microfinance Bank Limited (MMBL) has collaborated with Avanza Solutions to develop and deploy a state-of-the-art enterprise banking solution, DOST Corporate Portal. This platform is part of MMBL’s strategic pursuit to optimize operations and explore greater technical prowess to ultimately fulfill the growing banking and financial needs of various business segments. Mobilink Microfinance Bank […]
  • TCL joins forces with Peshawar Zalmi for a high octane PSL Season 8
    TCL No.1 LED TV Brand in Pakistan, announced, that it will be partnering with Peshawar Zalmi for the Pakistan Super League (PSL) season 8. This year, Pakistan’s star cricketer, Babar Azam will lead Peshawar Zalmi as its captain, the addition is likely to augment team’s thrilling performance with an equal chance of winning the PSL […]

About Post Author

WebDesk

TechnologyPlus PK (English/Urdu) is an emerging website in Pakistan. It covers specially tech/telecom news, startups, business and also covering general business news. Keep in touch.

Average Rating

5 Star
0%
4 Star
0%
3 Star
0%
2 Star
0%
1 Star
0%

Leave a Reply

Your email address will not be published. Required fields are marked *

Amazon to cut 18,000 jobs as layoffs expand in tech sector Previous post Amazon to cut 18,000 jobs as layoffs expand in tech sector
Sania Mirza retires from tennis after WTA 1000 event next month Next post Sania Mirza retires from tennis after WTA 1000 event next month
Close