Tech Desk
Aug 21, 2024
easypaisa, a Pakistani mobile wallet, has unveiled an improved credit score visibility feature developed to promote financial awareness and empower users in handling their financial health.
This cutting-edge feature offers supposedly access to users’ credit scores directly within the easypaisa app, managing a critical gap in Pakistan, where understanding of credit scores is restricted.
A significant challenge in our financial industry is the lack of availability of credit score details for users. Easypaisa’s newly released feature improves the credit scores facility by allowing users to take control of their financial well-being while educating them on how their transaction, credit, and deposit behaviours affect their credit scores.
Moreover, the feature is nutritive with a dynamic dashboard, offering users a clear view of their current credit score and its trends over the past 12 months. This in-depth analysis provides a transparent and comprehensive financial perspective that supports informed decision-making.
In addition, the feature promotes users to understand the key factors influencing their easypaisa credit score, integral critical aspects of their financial health like spending habits, loan management, savings, and in-app subscriptions.
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The feature analyses customers’ digital payment behaviours — involving money transfers, bill payments, mobile top-ups, and QR payments — allowing them to improve and comprehend their financial habits. It strengthens users to boost financial transactions in areas where they may be less active and raises awareness about their transaction patterns.
While loan management is another major factor, letting users track their borrowing history with easypaisa, involves the amount borrowed, frequency of borrowing, on-time repayments, and any late payments over various time frames (one month, three months, six months, and 12 months).
Additionally, savings play an important role in the credit score, helping users understand their deposit patterns, including the total amount saved, frequency of deposits, average balance over specific periods, and any days with zero balance.
The feature also provides personalised recommendations powered by advanced machine learning algorithms. These tailored suggestions help users optimise their scores and reach their financial goals, letting them confidently handle their credit journey with detailed insights and actionable advice readily available.
Easypaisa/Telenor Microfinance Bank (TMB) Head of Digital and Data Science Muhammad Khurram Waraich stated: “At Easypaisa, we are dedicated to fostering innovation and providing inclusive financial solutions for millions of Pakistanis.
In an economy where credit is scarce and financial literacy is limited, our enhanced credit score feature aims to elevate awareness and understanding of credit scores. This initiative empowers users to actively manage their digital banking journey, monitor their scores with data-driven insights, and take control of their financial health with clear and transparent visibility."
With this level of transparency, users can enhance their credit scores and unlock incentivised offerings within the easypaisa app, such as lower borrowing costs and higher credit limits. easypaisa is set to continue to improve and extend this proposition, drawing on user feedback and insights to explore broader horizons.
With over 45 million registered users and counting, easypaisa continues to lead Pakistan’s digital financial services landscape, nurturing financial inclusion through technological innovations.
