In a move that will reshape the way consumers get access to digital financial services, Easypaisa, Pakistan’s leading digital payments app has launched an industry-first Credit Score Visibility feature for its users. This innovative product will eventually open a plethora of exciting opportunities for customers and educate them on the best financial management practices.
Only customers eligible for Easycash loans can view their Easypaisa Credit Score from within the app. Through this new feature, consumers can learn about their credit score and the impact of their digital payment behavior, visible credit profile, savings, and subscriptions.
Commenting on this development, M. Mudassar Aqil, CEO, Easypaisa/ Telenor Microfinance Bank said, “While as a country, we are making great strides in financial inclusion, access to credit remains still an area where lack of documentation of the economy doesn’t allow the majority of Pakistanis to obtain formal credit from a financial institution. The introduction of credit scores on the Easypaisa app is an exciting first step in our roadmap where every user will be empowered to understand what a credit score is and how they can achieve a higher score, resulting in access to credit at more favorable terms. This feature will also incentivize Easypaisa users to transact digitally and help move Pakistan towards a cashless economy.”
Understanding the credit score will not just financially empower customers, but also help them to be more aware of the benefits of improving their scores. Khurram Waraich, Group Head, Digital Lending & Data Science, Easypaisa, said, “Our commitment to financial inclusion is unparalleled, and the Easypaisa Credit Score is the latest example of our efforts to increase consumer awareness and transparency while giving them greater control and freedom.”
Launched shortly after the in-app ‘Savings’ feature, Easypaisa’s innovative, AI-powered Credit Score rating aims to improve livelihoods through financial literacy. Frequently breaking new grounds in technology with features like these, Easypaisa remains committed to transforming Pakistan into a cashless and financially inclusive society through the power of collaboration and technology.