Paymob Partners With Bank Alfalah To Drive Digital Payment in Pakistan
Paymob, a digital payments provider in the MENA region, has announced a strategic relationship with Bank Alfalah. Paymob’s partnership with one of Pakistan’s private banks will drive financial inclusion and lead the way for swift payment acceptance and follow Paymob’s Pakistan market entry, and general Menap expansion strategy. Paymob has signed an agreement with Bank […]
Topics
Paymob, a digital payments provider in the MENA region, has announced a strategic relationship with Bank Alfalah.
Paymob’s partnership with one of Pakistan’s private banks will drive financial inclusion and lead the way for swift payment acceptance and follow Paymob’s Pakistan market entry, and general Menap expansion strategy.
Paymob has signed an agreement with Bank Alfalah to activate and support merchant acquisition and integration services across the country. This collaboration will enable an instant onboarding feature for the first time in Pakistan using Paymob’s advanced solutions such as payment gateway integration, POS terminals and SoftPOS.
Instant onboarding feature
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 enable MSME Merchants in order to further digitise the ecosystem.
The partnership follows the launch of Paymob’s industry-first “Tap-on-Phone” payment acceptance mechanism in Egypt. The Tap-on-Phone service will also be accessible for Pakistan-based merchants, enabling them to use mobile phones directly to service payments.
Paymob aims to empower over 100,000 merchants across Pakistan, in the first 24 months, and improve e-commerce acceptance for online merchants.
Market opportunity
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.
Alain El-Hajj, COO of Paymob, said: “This is a remarkable moment for Paymob. We are honored to partner with Bank Alfalah under its progressive leadership to provide reliable and seamless digital payment services for SMEs across Pakistan. With this partnership we aim to contribute the shared vision of economic growth and digitisation of SMEs.”
Atif Bajwa, CEO and Director of Bank Alfalah said: “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.”
