Updated on September 15th, 2023
JazzCash and EasyPaisa revolutionized the digital banking industry in Pakistan. Although EasyPaisa offers more services than JazzCash, the ability to connect to Payoneer gives JazzCash an advantage.
JazzCash and Easypaisa each have advantages and disadvantages. Easypaisa can be used on any SIM, but JazzCash is only available to Jazz SIM subscribers. Both JazzCash and Easypaisa have apps on Google Play, but Easypaisa has a far more enjoyable and useful user experience than JazzCash.
Digital banking has taken over the Pakistani banking industry to a great extent. In the last decade, this industry has grown significantly to include people residing even in the most remote areas of the country.
While traditional banks have played their part in bringing the digital banking revolution to the masses, mobile banking apps such as Easypaisa and JazzCash have been more successful in attracting interest.
Easypaisa and JazzCash were two of the first digital banking apps in the country and they have captured the leadership advantage. These two small banks account for more than 65% of the total mobile banking transactions in the country, according to the State Bank of Pakistan (SBP).
Many people feel confused when choosing between JazzCash and EasyPaisa. what are they? Do you really need their services? Well, you should know after reading some facts and figures. Let’s start with a small introduction to each of the products.
What are JazzCash and EasyPaisa?
JazzCash and Easypaisa are both branchless banking services providers. It is a mobile wallet which means you can use its services to make payments via your mobile phone.
Easy Paisa was launched in 2009 while Jazz Cash was launched in 2012. It is clear from the name that JazzCash is owned by Jazz, but did you know that Easypaisa is an initiative of Telenor Pakistan. It was a good and early step for Telenor to start the mobile banking trend in Pakistan. However, Jazz Cash has more active users than EasyPaisa. JazzCash has more than 8 million monthly active subscribers. While EasyPaisa only has 6 million active users.
JazzCash dominates Pakistan’s branchless banking sector with the highest number and value of transactions. Easypaisa, while having a broader presence, lags in transaction value.
According to State Bank of Pakistan data (Oct-Dec 2018):
- Easypaisa leads in the number of digital bank accounts (52.4% vs. JazzCash’s 34.1%).
- JazzCash excels in active online bank accounts (44.6% vs. Easypaisa’s 40.7%).
- JazzCash dominates in total deposits (55.2% vs. Easypaisa’s 31.3%).
JazzCash doesn’t have a lot of options for its users, but with the passage of time it is introducing new innovations and services like Payoneer. On the other hand, Easypaisa has many deals and discounts for its users, which are widely available.
Services offered by JazzCash
JazzCash provides its customers with basic banking solutions such as bill payments, money transfers, debit cards and online payments. One advantage that JazzCash has over Easypaisa is its partnership with Payoneer, which allows users to deposit their earnings directly into their JazzCash account.
JazzCash is one of the largest payment apps in Pakistan and has the highest transaction volume of any other mobile banking app in the country. But why is this app better than the more comprehensive EasyPaisa app?
Below are some of the services that JazzCash offers to its customers.
1. Money Transfer
JazzCash allows its users to transfer money in several ways:
- Bank Transfer
- JazzCash Transfer
- Other Wallet Transfer
- Payoneer Transfer
- CNIC Transfer
While other methods are the same as those used by Easypaisa, one of the advantages of using JazzCash on Easypaisa is the first contact with Payoneer.
With PayPal no longer accessible in Pakistan, its alternative, Payoneer, has become the preferred choice of the country’s vast freelance community. With the integration of JazzCash with Payoneer, users can securely transfer their earnings to JazzCash through the Payoneer wallet.
This has improved the lives of remote workers in Pakistan, making JazzCash one of the most preferred payment methods in the country.
2. Physical & Virtual Debit Card
JazzCash provides both Physical and Virtual debit cards to its customers for everyday use. Currently, only Paypak Debit Cards and Mastercard Debit Cards are issued to customers as per their preferences, and both the cards have their own unique selling points.
The Paypak Debit Card does not support online purchases, but users can access Golootlo discounts at more than 12,000 merchants across Pakistan. The MasterCard debit card allows online shopping and access to more than 700 buy-one-get-one offers with Vouch365.
The Paypak Debit Card has a card issuance fee of PKR 899, with an annual fee of PKR 299. The card issuance fee for the MasterCard debit card is PKR 50 and there is no annual fee.
3. Mobile Loads/Packages
JazzCash provides its customers with the service of instant top up of their SIM cards. It also offers mobile packages for all the major sim carriers in Pakistan. Initially, only Jazz numbers could be registered on the JazzCash app, now all customers who have mobile numbers from any company can open an account.
4. Online Payments
JazzCash is one of the few digital banks that provides only payment solutions to its customers. Daraz Jaz accepts payment through Cash Wallet. To access it you need to link your JazzCash account to your Daraz account. Once they’re linked, you can continue shopping without linking them again.
JazzCash also allows its users QR payment service. You should find a merchant with an integrated QR payment system to make purchases via QR. After that, you just scan the code, and voila! You have paid yours.
5. Bill Payments
JazzCash was one of the first entrants to the digital bill payment service. It provides utility bill payment services to its users.
These services include:
- Insurance Premium
- Credit Card Payments
Services offered by EasyPaisa
The EasyPaisa mobile app offers its users a variety of services, including insurance coverage, which you usually don’t find in mobile payment apps. Here are some of the popular services offered by EasyPaisa:
1. Online Money Transfer
Fund transfer is one of the essential features of any digital banking system. Easypaisa allows its users to transfer money in several ways:
- Bank transfer.
- Easypaisa wallet.
- National ID (CNIC).
Users can choose the option and transfer the amount in one click. Transferring money from one Easypaisa account to another Easypaisa account is free, but inter-bank funds transfer (IBFT) fees may apply.
The National Identity Money Transfer (CNIC) service allows users to receive money via their computerized national identity card. This is useful for users who are uncomfortable with technology.
2. Physical Debit Card
Just like JazzCash, Easypaisa allows its users to get EMV compatible credit cards for everyday use. These cards can be used for online purchases and purchases, and you can have more than one card linked to your Easypaisa wallet.
Currently, Easypaisa only offers Debit Paypak and UnionPay cards to its users. Debit UnionPay Card is an international payment solution through which users can buy things online from UnionPay compatible sites.
Paypak is a local initiative to provide a local payment solution to users in Pakistan. It is accepted at all POS and ATM machines across the country.
You can get a Paypak debit card for PKR 1,000, while a UnionPay debit card costs PKR 600. The card is charged from your mobile wallet at the time of ordering.
3. Mobile Loads/Packages
Like JazzCash, Easypaisa allows its users to recharge their mobile balance from the app. Users have to enter their mobile number, and their balance will be recharged successfully.
The mobile packages feature was added to the Easypaisa app a few years ago. This feature allows users to subscribe to a variety of cell phone packages offered by different cell phone companies for a small fee.
4. Online Payments
Shopping is one of the most enjoyable activities for some people, while for others it can be tedious and stressful. If you’re the latter, shopping online is the easiest way to get what you need while sitting on the couch, and Easypaisa offers its users this luxury through online payment solutions.
Daraz is one of the many brands that have collaborated with Easypaisa, allowing users to pay via the Easypaisa mobile wallet. QR Payment is another online payment service.
Easypaisa app users can now scan the QR code from their app and make payment for their shopping.
5. Electricity, Gas and other Bill Payments
Most of the utility bills in Pakistan are still paid in the traditional way where a person has to visit any bank branch or post office with the amount due. Easypaisa was one of the first companies to offer a utility bill payment solution to its users.
Users can now pay various bills, including:
- Credit card
- Government Fees
- NADRA fee, among others.
Easypaisa’s bill payment service is either free or charges a limited fee. This allowed users to pay their bills without having to stand in long lines for long hours. With Easypaisa, they can do this from the comfort of their homes.
Which One Is Better?
JazzCash and Easypaisa both have some benefits and limitations. JazzCash is only available to Jazz Telecom users, while Easypaisa can be used with any SIM card. They also have two apps on Google Play Store, but the user interface of Easypaisa app is more attractive and helpful compared to JazzCash app.
As for the offerings, JazzCash does not have as many offers for its audience, but it is introducing more innovations and features like Payoneer over time. On the other hand, Easypaisa offers many offers and discounts to its audience and is easily available all over the country. As for international payments, neither of them offers this service. Moreover, Easypaisa rates are cheaper than JazzCash rates.