LAHORE, PAKISTAN: Bank Alfalah in Pakistan has partnered with Paymob, MENA’s market-leading digital payments provider. The two organizations have collaborated to activate and support service provider acquisition and integration services throughout Pakistan.
The partnership will empower over 100,000 retailers throughout Pakistan and launch new innovative services in e-commerce acceptance for on-line merchants.
This partnership records Paymob’s first collaboration outside its Egyptian home market and comes as a half of its expansion technique within the MENAP region.
Bank Alfalah’s partnership with Paymob will drive monetary inclusion and lead the way for swift payment acceptance, and can follow Bank Alfalah’s goal to support service provider acquisition and integration services throughout the country.
This collaboration will allow an instant onboarding feature for the primary time in Pakistan utilizing Paymob’s superior options such as payment gateway integration, POS terminals and Soft POS.
The instant onboarding feature is empowered by the digital onboarding regulations recently published by the State Bank of Pakistan and comes as one of many positive steps the State Bank has led to allow MSME Merchants so as to additional digitize the ecosystem.
The market alternative in Pakistan is significant given the vary of retail outlets and SME companies throughout the country’s cities. With over 4 million SMEs utilizing simply over 80,000 POS terminals and fewer than 3000 e-commerce payment gateways, the market is completely suited to meet Paymob’s standards and technique to expand globally – and bridge the digital monetary gap.
Speaking on the signing ceremony in Karachi, Atif Bajwa, President and CEO of Bank Alfalah said: “Bank Alfalah is proud to partner with Paymob in a single of Pakistan’s largest Fintech partnerships. Our collaboration will aim to serve thousands of retailers throughout Pakistan and the industry first “Tap-on-Phone” service will allow us to attain even the most remotely located retailers in Pakistan.”
Alain El-Hajj COO of Paymob, said: “This is a remarkable second for Paymob. We are honored to partner with Bank AlFalah under its progressive management to present dependable and seamless digital payment services for SMEs throughout Pakistan. With this partnership we aim to contribute the shared imaginative and prescient of financial growth and digitization of SMEs”
Pakistan’s market has a number of positive drivers. GDP growth is forecast at 5-6% per annum, with the total worth of e-commerce consumer items having grown by 83% in 2021 to attain US$3.9 billion.
The Pakistan Telecommunication Authority reports that 101 million people use the web in Pakistan, with 46% having entry to broadband services and 85% (183 million) to mobile connections.
According to the PIDE, Pakistan has the potential for significant Fintech growth, due to its increasing youth population, disruptive web and smartphone penetration, consumer preferences for mobile telephones and social media, a booming e-commerce market facilitating digital payments, and the monetary system’s overall capability for innovation.