Karachi: Bank Alfalah has partnered with Paymob, MENA’s market-leading digital payments provider, to drive digital payment acceptance in Pakistan.
The two organisations have collaborated to activate and support merchant acquisition and integration services across Pakistan. The partnership will empower over 100,000 merchants the country and launch new innovative services for e-commerce acceptance for online merchants.
This partnership records Paymob’s first collaboration outside its Egyptian home market and comes as part of its expansion strategy in the MENAP region.
Bank Alfalah’s partnership with Paymob will drive financial inclusion and lead the way for swift payment acceptance, and will follow Bank Alfalah’s objective to support merchant acquisition and integration services across the country.
This collaboration will enable an instant on-boarding feature for the first time in Pakistan using Paymob’s advanced solutions such as payment gateway integration, POS terminals and SoftPOS. The instant on-boarding feature is empowered by the digital on-boarding regulations recently published by the State Bank of Pakistan and comes as one of many positive steps the State Bank has led to enable MSME Merchants in order to further digitize the ecosystem.
The market opportunity in Pakistan is significant given the range of retail outlets and SME businesses across the country’s cities. With over four million SMEs using just over 80,000 POS terminals and less than 3000 e-commerce payment gateways, the market is perfectly suited to meet Paymob’s criteria and strategy to expand globally – and bridge the digital financial gap.
Speaking at the signing ceremony in Karachi, Atif Bajwa, President and CEO of Bank Alfalah said that Bank Alfalah is proud to partner with Paymob in one of Pakistan’s largest Fintech partnerships. “Our collaboration will aim to serve thousands of merchants across Pakistan and the industry first “Tap-on-Phone” service will allow us to reach even the most remotely located merchants in Pakistan”, he added.
Alain El-Hajj, COO of Paymob, said that this is a remarkable moment for Paymob. “We are honoured to partner with Bank AlFalah under its progressive leadership to provide reliable and seamless digital payment services for SMEs across Pakistan”, he added.
Copyright Business Recorder, 2022
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