State Bank of Pakistan has granted the regulatory approval to the mobile wallet app, SimSim on 12 May 2017. The SBP has granted this approval to this app under Branchless Banking Regulation framework, which is formulated by SBP.
SimSim has been designed with the collaboration of FINCA Microsoft bank Limited and FINJA private. This is the first time that a bank has made the partnership with fintech to create the digital financial product. Prior approval of the SBP, SimSim completed the beta pilot successfully and recorded the PKR 600 million in transactions with 30,000 in self registered mobile wallet accounts and the retail network of the 500 participating merchants.
SimSim is connected with other banks through the 1-Link for the transfer and ATM cards are also available for cash withdrawals. The clients should note that the payments through SimSim are free for the senders and the receivers with their mobile phone numbers as the bank account numbers.
The innovative instant mobile account of SimSim will go long way in making financial inclusion in country and digitization of the economy. When you discussed the future plans for SimSim, it is said that SimSim is simple a product or app and it is the free movement to free digital commerce in Pakistan. The tech veteran and co-founder of FINJA private limited added that it is easy to become the part of SimSim network and positions it as the platform for the users to spread and grow without any friction.
People can download the app to become the part of the SimSim network from the Apple App Store or Google Play Store and set up their wallet.
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