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.