China Mobile, a China-based telecommunications company, recently launched a digital payments product called PayMax via its subsidiary China Mobile Pakistan (CMPAK), which trades under the brand name Zong. Zong is targeting the cashless product at the unbanked sector of Pakistan with the goal of creating “a more digitally and financially inclusive Pakistan.” The service enables users to send money to other individual users, pay bills from 1700 vendors, and transfer money instantly into accounts at any of the 54 financial services providers connected to 1Link, a Pakistani payment servicer that was founded in 2004.
CMPAK is a wholly owned subsidiary of China Mobile. With a subscriber base of approximately 44 million in Pakistan, the firm has a market share of 22 percent.
Incorporated in 1997, China Mobile operates in mainland China, Hong Kong, Singapore and the United Kingdom, in addition to Pakistan. The company is controlled by the state-owned conglomerate China Mobile Communications Group. It employs approximately 450,000 personnel and serves approximately 947 million subscribers.
By Vaughn Rajah, Research Associate
Sources and Additional Resources
Finextra article
https://www.finextra.com/pressarticle/95331/china-mobile-showcases-paymax
Zong homepage
http://www.zong.com.pk
China Mobile homepage
http://www.chinamobileltd.com
1Link homepage
https://1link.net.pk
Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Download a sample at https://www.microcapital.org/products-page/.
Similar Posts:
- MICROCAPITAL BRIEF: Zanaco Borrows $50m from BII to Support MSMEs, Climate-change Mitigation in Zambia
- MICROCAPITAL BRIEF: Banco de Credito del Peru (BCP) Launches iO Banking App with Support from i2C
- MICROCAPITAL BRIEF: HugoBank, KT, Mashreq, Raqami Islamic, Telenor Microfinance Earn Regulatory Approval to Pilot Digital Banking Services in Pakistan
- MICROCAPITAL BRIEF: Grab Adds MoMo as Mobile Payment Option for Ride-sharing, Deliveries, Digital Financial Services in Vietnam
- MICROCAPITAL BRIEF: Money Fellows of Egypt Borrowing $2.2m from Symbiotics to Support Digital ROSCAs