After looking at the success of its telecommunication sector competitors including Telenor, Mobilink and Zong, Ufone has also entered in the mobile banking service market with its new service called UPaisa. Ufone has acquired Rozgar Microfinance Bank for launching the Ufone branch-less banking service throughout the country. The name of the service was quite predictable as every service launched by Ufone starts with U letter.
It is going to be a tough challenge for the UPaisa to grab a good market share as there are already branch-less banking services available like EasyPaisa, Timepey and Mobicash. All these are providing the pretty same services like Money Transfer, Mobile Bank Account, Bill Payment, Mobile Savings via branchless banking so it will be interesting to see that how Ufone differentiates its UPaisa service from them.
“Ufone Launch Branchless Upaisa Banking Service”
Currently the Telenor’s EasyPaisa is the market leader in branchless banking service with around 22000 outlets in more than 75 cities. They deal with millions of customers each month and around 117 million transactions have been made till now through EasyPaisa.
UPaisa has been launched in the month of Ramadan by keeping in view the intense amount of transactions made in this month. Ufone has not started creating awareness about their service through mass media yet but a large scale promotional campaign is expected to be launched in September. We will have to wait and see that what will be the strategy of Ufone in order to compete in this already filled market.