KARACHI: United Bank Limited (UBL) and Safepay have entered into an agreement for the provision of digital acceptance solutions to retail businesses and SMEs, a relatively underserved segment in terms of ecommerce enablement.
With this partnership, Safepay and UBL will be working towards the common agenda of ‘cash to cashless’ for businesses in Pakistan. Safepay with its payment gateway platform and merchant-focused features will enable retail businesses to go beyond cash acceptance and connect with their domestic and international customers through multiple online payment options.
Having a settlement Bank is a fundamental requirement for any regulated Payment Service Provider (PSP), and the Stripe-backed Safepay has partnered with UBL, where this synergy will serve the online needs of their common target market.
Safepay co-founders Ziyad Parekh and Raza Naqvi shared, “We’ve spent the last year investing in the right relationships that will not only create a sustainable platform for Safepay but more importantly ensure businesses in Pakistan have access to a simple and smooth on boarding journey. UBL understands this vision and we’re happy to partner with them in creating the solution that the market needs to unlock the next age of e-commerce growth”.
Speaking at the occasion, Sharjeel Shahid Group Executive Digital Banking UBL said, “UBL Digital believes in creating partnership platforms, where we encourage new players entering into the ecosystem because addressing the needs of the underserved can happen best when the forces are combined for a common cause.”
The e-commerce base in Pakistan will continue to witness exponential growth in the coming years and to foster this growth it is imperative that traditional and neo players come together to enable and provide access across all layers, something where UBL and Safepay intend to take the lead.
Copyright Business Recorder, 2022
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