Bank Alfalah launches QR payment solution with SnapRetail

KARACHI: Bank Alfalah, continuing its rich legacy of being the industry leader in digitizing the retail landscape of Pakistan, has entered into an aggregator partnership with SnapRetail.

This partnership is designed to accelerate merchant acquiring activities and to encourage digital payments at the Point of Sale (POS). Under this collaboration, merchants acquired by SnapRetail will be on boarded to the QR (Quick Response) payment system of Bank Alfalah, bringing the cash-oriented merchants into the fold of the documented economy.

The newly acquired merchants will be registered on Alfa Business Application. The App offers smooth in-app registration process that only requires a merchant’s valid CNIC. Moreover, the application’s seamless payment system requires the merchant to accept payments by getting the customers to scan QR codes generated in-App, eliminating the need of handling cash.

The Alfa Business App allows retailers to accept payments from 17 different banking applications and is integrated within the banking system to ensure fund settlement within 24 hours.

Retailers can also avail an in-app, one tap “Merchant Financing” facility where loan can be processed instantly to improve their liquidity. The loan amount can be secured up to 50% of the business’ transactional volume, and merchants can avail the lowest mark-up in the industry with zero paper work involved.

Speaking about the partnership, Mohammad Yahya Khan, Group Head Digital Banking at Bank Alfalah said that digitizing retail sectors has always been one of our utmost priorities and through this collaboration, Bank Alfalah will reach our goal of empowering retail merchants across the country by offering them various methods of accepting digital payments through one single platform and helping them grow their business by access to digital credit.

Moazzam Ali Khan, Chief Strategic Officer at SnapRetail said that SnapRetail has always brought innovative services and collaborations with the sole purpose of making Pakistan more financially inclusive. With this collaboration, we hope to accelerate our cohort’s top line as they tap into new digital payment-based revenue streams, he added.

Copyright Business Recorder, 2023