Telenor Easypaisa launches IBFT – A step towards Interoperability

Telenor’s Easypaisa recently launched the Inter Bank Fund Transfer (IBFT) facility for mobile account holders as well as OTC (over the counter) customers. The service can be easily be called a giant leap towards interoperability in Mobile Financial Services (MFS) arena.Inter Bank Funds Transfer

How it works:

The service is available as OTC service to anyone visiting an Easypaisa outlet as well as to mobile account users. OTC customers can send money to 24 different banks through an Easypaisa outlet by presenting their CNIC (Computerized National Identity Card) number to the agent. There is a limit of 15000 PKR per month per CNIC which is derived by the regulator.

Mobile Account users can simple dial a USSD shortcode to access the menu where they can choose the option of sending money to bank account. The limit is derived by the level of account the customer is subscribed for. Mobile Account users can also receive money from available banks. The transaction is initiated from interface provided by the bank and no action is required on part of Mobile Account user.

Continue reading