JazzCash, formerly known as MobiCash, is a Pakistani
mobile wallet
A digital wallet, also known as an e-wallet or mobile wallet, is an electronic device, online service, or software program that allows one party to make electronic transactions with another party bartering digital currency units for goods and se ...
,
mobile payment
Mobile payment, also referred to as mobile money, mobile money transfer and mobile wallet, is any of various payment processing services operated under financial regulations and performed from or via a mobile device. Instead of paying with cas ...
s, and
branchless banking
A direct bank (sometimes called a branch-less bank or virtual bank) is a bank that offers its services only via the Internet, mobile app, email, and other electronic means, often including telephone, online chat, and mobile check deposit. A direct ...
services provider. It was launched in November 2012 as MobiCash by Mobilink (now
Jazz
Jazz is a music genre that originated in the African-American communities of New Orleans, Louisiana, in the late 19th and early 20th centuries. Its roots are in blues, ragtime, European harmony, African rhythmic rituals, spirituals, h ...
) in partnership with their subsidiary bank
Mobilink Microfinance Bank.
It also provides digital payment service through
QR code in partnership with
Masterpass
Masterpass is the trademark under which Mastercard provides digital payment services in some markets around the world, which is a digital wallet that allows to pay faster by keeping all the information you need for payment and delivery in one pla ...
.
History
JazzCash was founded in 2012 as MobiCash by
Mobilink (now
Jazz
Jazz is a music genre that originated in the African-American communities of New Orleans, Louisiana, in the late 19th and early 20th centuries. Its roots are in blues, ragtime, European harmony, African rhythmic rituals, spirituals, h ...
) as a
joint venture
A joint venture (JV) is a business entity created by two or more parties, generally characterized by shared ownership, shared returns and risks, and shared governance. Companies typically pursue joint ventures for one of four reasons: to acce ...
with Waseela Bank, which was later renamed as Mobilink Microfinance Bank. In 2016, MobiCash was renamed as JazzCash.
In 2020, JazzCash partnered with
Payoneer
Payoneer Global Inc. is an American financial services company that provides online money transfer, digital payment services and provides customers with working capital.
History
Payoneer was founded in 2005 with $2 million in seed funding fro ...
to provide users with a feature that would allow them to withdraw funds from their Payoneer account through their JazzCash wallet.
More than one of such accounts have been linked to JazzCash.
See also
*
Easypaisa
*
Raast
Raast (; ) is an instant payment system developed by the State Bank of Pakistan (SBP). It operates using the state-of-the-art Pakistan Faster Payment System (PFPS), facilitating real-time settlement of small-value retail payments, including inter ...
References
Jazz (mobile network operator)
Mobile payments
Pakistani brands
Pakistani companies established in 2012
{{Pakistan-company-stub