JazzCash’s Journey towards Digital Transformation
The TM Forum’s Digital Transformation World Summit 2021 (DTWS 21) held this September offered insightful information, thoughts and ideas by industry leaders. Subhan S. Ahmad, the Chief Growth & Strategy Officer at JazzCash, delivered an informative speech at the event, tailored around the topic, ‘How to Future-proof Your Customer Experience Strategy for the Customer of Tomorrow.’
JazzCash, Pakistan’s largest wallet, under the umbrella of Jazz, the country’s no. 1 telecom and digital company, has been running as a successful Fintech for years, offering digital payments’ services to the masses. Mr. Subhan pointed out during the talk, “It is important for telecommunications companies to continuously evolve and add value to the customers, so that they don’t become stagnant. Companies like Jazz keep on driving the value for its customers, and we find it necessary to have an agile way of work within the organization, especially between products’ route and channels across multiple technologies, in order to provide that value.”
Jazz is a part of VEON, a multinational telecommunications services company, which operates predominantly in Asia, Africa, and Europe. It is Pakistan’s no. 1 digital services company with a subscriber base of more than 71 million Pakistanis. JazzCash on its own currently has more than 13 million active monthly users. Facing the digital transformation, Jazz expanded its services like self-service, streaming services and music services etc. for its customers. “JazzCash is one of the biggest achievement for us in the past 10 years; it is a feather in our cap,” Subhan Ahmed proclaimed.
VEON’s quarter reports show JazzCash’s user base with double-digit growth, finishing the quarter with a 61.4%+ YoY growth rate. In Q2, 2021, JazzCash invested PKR 13.7 billion in network expansion and shows excellent performance based on their multiple Fintech services and consistent innovation through their tech expertise.
JazzCash started off initially with traditional financial services, such as domestic and international remittances, bill payments, etc. A plethora of services have now been added to the app, with a major upgrade of the user interface, to further engage with customers and improve user experience. These new services include different sub businesses, like micro loans, retail payments, debit and credit card services, health payments, and also in-app market places, E-commerce, and wealth management and freelancer payments, etc.
The Huawei Fintech Platform accelerates JazzCash’s success through providing the agile offering configuration in shorter TTM (Time to Market), high performance platform with 2000TPS supported, professional report system, enabling daily settlements with the channel, and a strong local data analysis & consultancy team.
During the COVID-19 pandemic, digital financial services have served as an important tool in combating the pandemic. The transactions processed by Huawei platforms allowed people to conduct hygienic, contactless payments for the merchants, and make essential money transfers and utility payments remotely from home during the lockdown. Overdraft services allowed users to pay with a credit loan when their balance is insufficient, and the credit loans were automatically returned after the top-up.
Over the last decade Huawei FinTech has grown and transformed the lives of 300 million unbanked individuals from more than 30 countries across Asia and Africa. With the backing of an expert team that has iterated successfully over time, Huawei Fintech Platform helps partners succeed in digital transformation.