In a pioneering development within Pakistan’s utility sector, K-Electric and Visa united for an innovative cashback initiative. Over 61,000 KE customers reaped the rewards of this groundbreaking collaboration, enjoying discounts of up to Rs500 on their electricity expenses.

Pakistan still has a long way to traverse on its cashless journey, with cash still constituting about 70% of all transactions throughout the country. Several factors contribute to this, including limited financial inclusion, insufficient awareness of digital payment methods, and challenges within the infrastructure.

Over the past three years, KE has been a trailblazer in digitising Pakistan’s power sector through partnerships with over 40 different institutions offering cashbacks and digital payment options for customers. Today, 70% of KE’s customers are settling their bills without visiting a brick-and-mortar bank. The company’s efforts to integrate technology into customer services have digitally connected more than 1.2 million customers with the utility through several channels, including the KE Live App, KE WhatsApp Self Service Portal, and the KE website.

The triumph of this three-month campaign underscores KE’s dedication to offering customers a seamless bill payment process by collaborating with industry leaders. It also highlights customers’ enthusiastic embrace of digital payments, reflecting positively on their adoption.

Since its launch in May 2023, the collaboration witnessed an impressive rate of adoption for digital payments. Customers surpassed existing records of daily QR payments, highlighting the trust engendered by a brand like Visa and the demand for a convenience-based solution that offers cashbacks. Visa cardholders from multiple banks could simply scan a Visa Dynamic Payment QR code and follow a simple step-by-step guide to pay their bills online at their convenience.

By using the innovative technology of QR codes, KE improved the overall customer experience and streamlined its operations. QR payments also increased by 66% and a staggering 445% in June and July respectively, thus highlighting the conversion to digital payment channels. Approximately 60% of consumers who paid through QR in June 2023 were paying through non-digital channels historically, so the campaign touched both existing and new consumers, resulting in a wider campaign reach and helping to change consumer behaviour.

The transactions were conducted by approximately 38,000 unique accounts, with 12,000 consumers opting for repeat QR bill payments, indicating customer retention. As a result, the total discounts disbursed amount to almost PKR 24 million (USD 86,000).

The collaboration between K-Electric and Visa marks a significant milestone in the evolution of Pakistan’s utility sector. This innovative cashback campaign not only provided tangible benefits to over 61,000 consumers but also symbolised a transformative shift towards digital payment methods. As both companies continue to champion customer empowerment and technological advancement, this alliance serves as a beacon, inspiring further initiatives aimed at enhancing consumer experiences and fostering greater financial inclusivity in the realm of utility services across Pakistan.

This content is a paid advertisement by K-Electric and is not associated with or necessarily reflective of the views of Dawn.com or its editorial staff.