Minister for IT and Telecom Shaza Fatima has said Pakistan, with over 143 million broadband users, holds strong potential to move toward a cashless economy.
She highlighted that mobile wallets now surpass traditional bank accounts, supported by a solid branchless banking network. The government, she added, is determined to cut reliance on physical money and expand digital payment systems. However, among the four mobile operators, only Jazz and Telenor have successfully developed large-scale wallet platforms.
Telenor’s Easypaisa, introduced in 2009, became the country’s first mobile wallet and later transformed into Pakistan’s first digital bank. Farhan Hassan, Chief Digital Officer of Easypaisa Digital Bank, said the service now provides full banking facilities similar to conventional banks, helping millions of unbanked and underbanked citizens access financial services. Easypaisa currently has nearly 18 million monthly active users, including 14 million mobile app users.
JazzCash Emerges as Pakistan’s Leading Digital Wallet
JazzCash, launched in 2012, leads the market with 21 million monthly active users and around 15 million app users, making it Pakistan’s biggest digital financial service provider. According to Khayam Siddiqi, Head of Communication at JazzCash, the platform’s growth stems from its seamless onboarding, which requires no paperwork or branch visit. He noted that digital wallets now integrate multiple services such as nano loans, savings, insurance, welfare disbursements, and daily transactions.
While JazzCash has built strong outreach in rural areas, Easypaisa continues to dominate in major urban hubs. Despite industry speculation about its future following the Telenor-PTCL merger, Easypaisa has maintained a steady user base.
Experts point out that the success of mobile digital wallets lies in their simplicity. Each account links directly to a mobile number, while transactions are supported by thousands of local shopkeepers acting as agents for deposits and withdrawals. Ufone’s Upaisa has a limited share of the market, whereas Zong has yet to step into the digital wallet segment.
As Pakistan accelerates its journey toward a cashless economy, digital wallets like JazzCash and Easypaisa are playing a critical role in reshaping financial inclusion across the country.