Daraz announces the launch of the Daraz Wallet, a closed loop payment option, that digitalizes the payment transaction and simplifies it into a one-click process.
In recent years, payment processes in Pakistan have become increasingly digitized. Online users are embracing digital payment options like cards and wallets at a steady rate, setting Pakistan on course for financial inclusion. 2019 is shaping up to be a promising year for digital payments and the recently launched Daraz Wallet is set to lead this development, being the most secure and most seamless payment option available in Pakistan.
Today, digital payments represent around 20% of the e-commerce volume. Trust and lack of knowledge are the main factors why cash on delivery is still the most popular payment method in Pakistan. Besides security and convenience, the Daraz Wallet also represents the company’s intention to maximize financial inclusion in Pakistan. As a closed loop system that will only be operational on Daraz, the wallet will offer digital payments to everyone. Being the most convenient way of buying on Daraz, it will reduce the time spent in the check-out process and also alleviate consumer fears by improving digital security. Daraz is leveraging best-in-class technology that promises complete data security and maximum convenience.
All transactions completed through the wallet can be completed in just one click, ensuring a smooth online shopping experience on Daraz. With the Daraz Wallet, users will no longer be required to input bank details or transaction passwords ensuring minimal time spent at check-out. The wallet also facilitates instant returns for all wallet and cash on delivery transactions. When a customer requests and return, Daraz instantly refunds the money into the Daraz Wallet – the funds can then be used to make other purchases. The refund amount can also be withdrawn and transferred into the user’s preferred bank account if the customer prefers.
Daraz offers various ways to deposit money in the wallet. Customers can use their Debit/Credit Card, HBL Bank Transfer, EasypaisaMobile Account or at any of the Easypaisa Shops. Customers can also pay directly at checkout, even if they have insufficient funds in their Daraz Wallet; they can deposit and pay within the same transaction
Since launch, Daraz users are quickly adopting the new payment method with over 300,000 wallet accounts already activated. The increasing wallet activations and transactions have facilitated a 2X increase in digital payment transactions on Daraz.
“We at Daraz understand that customers want a fast and hassle-free online shopping experience. With the Daraz Wallet, we’ve introduced a new digital payment solution that is very customer-centric – offering fast and secure payment on our platform. The wallet will give our customers great shopping experience,” said Ehsan Saya, Managing Director of Daraz Pakistan
To celebrate the launch, Daraz is offering exclusive offers in the form of a bonus. Users get a 10% instant bonus for Wallet deposits. Besides the bonus offer and special Wallet deals, Daraz has introduced an app game that allows customers to collect coins and get their highest score turned into Wallet bonus. All the launch campaigns run until the 17th of March.
How to activate the Daraz Wallet:
- Click on the wallet icon on the Daraz App
- Login to your Daraz Account
- Click on ‘Activate my Wallet’ and verify the account by entering the SMS code
How to deposit funds in the Daraz Wallet:
- Click on the wallet icon
- Click on the “Deposit” button
- Select the amount and payment method
- Confirm payment based on the method selected
Originally published on TechJuice on March 12, 2019
Here’s our updated post on How to activate the Daraz wallet