Paymob, MENA’s market-leading digital payments service, has collaborated with Bank Alfalah, one of Pakistan’s major private banks. The two firms have teamed up to launch and support merchant acquisition and integration services in Pakistan. Over 100,000 merchants will be empowered as a result of the agreement, which will also see the debut of new innovative e-commerce acceptance services for online retailers.

This is Paymob’s first collaboration outside of Egypt, and it’s part of the company’s MENAP expansion strategy. Bank Alfalah’s collaboration with Paymob will promote financial inclusion and pave the path for quick payment acceptance, in line with Bank Alfalah’s goal of supporting merchant acquisition and integration services across the country.

For the first time in Pakistan, Paymob’s advanced solutions such as payment gateway integration, POS terminals, and Soft POS will be used to enable an instant onboarding feature, which is enabled by the State Bank of Pakistan’s recently published digital onboarding regulations and is one of many positive steps the State Bank has taken to enable MSME Merchants in order to further digitise the ecosystem.

Given the variety of retail shops and small companies in Pakistan’s cities, the market opportunity is substantial. The market is perfectly equipped to match Paymob’s requirements and goal to develop globally – and bridge the digital financial gap – with over four million SMEs employing just over 80,000 POS terminals and less than 3000 e-commerce payment gateways.

Atif Bajwa, President and CEO of Bank Alfalah, remarked at the signing event in Karachi:

“Bank Alfalah is happy to be a part of one of Pakistan’s major Fintech collaborations with Paymob. Our partnership will serve thousands of merchants across Pakistan, and our industry-first “Tap-on-Phone” technology will enable us to reach even the most remote retailers.”

Paymob’s COO, Alain El-Hajj, said:

“For Paymob, this is a watershed moment. We are thrilled to work with Bank AlFalah, under its progressive leadership, to provide SMEs in Pakistan with dependable and seamless digital payment services. We hope to contribute to the shared objective of economic growth and SMEs’ digitalisation through this relationship.”

There are various favourable factors driving Pakistan’s market. GDP growth is expected to be 5-6 percent every year, with the total value of e-commerce consumer items increasing by 83 percent to US$3.9 billion in 2021. According to the Pakistan Telecommunication Authority, 101 million people in Pakistan use the internet, with 46 percent having broadband access and 85 percent (183 million) having mobile connections.

Due to its growing youth population, disruptive internet and smartphone penetration, consumer preferences for mobile phones and social media, a booming e-commerce market facilitating digital payments, and the financial system’s overall capacity for innovation, Pakistan has the potential for significant Fintech growth, according to the PIDE.

The post PAYMOB Collaborates with Bank Alfalah to Drive Digital Payment Acceptance in Pakistan appeared first on Techlist.

 

Mastercard and Bank Alfalah have formed a strategic relationship to empower Pakistani businesses through the launch of two of Mastercard’s market-leading products powered by Mastercard Payment Gateway Services – Mastercard Payment Gateway Services and Mastercard Payment Gateway Services.

Using the power of technology to catalyse success and improve financial inclusion for businesses across the market, with a special focus on small businesses, Tap on Phone and Simplify Commerce.

Mastercard Tap on Phone, a creative, intuitive, and cost-effective application that allows businesses to embrace electronic acceptance through their smart mobile or tablet device, is now available to businesses of all sizes as part of the agreement.

Businesses may give it to their customers right away after downloading it, giving them a flexible, seamless, easy, and secure checkout experience. Tap on Phone transforms Android handsets into secure payment acceptance devices for contactless cards, mobile wallets, and smartwatches — without the need for additional hardware or setup fees, making it ideal for SMEs.

In addition to the cooperation with Bank Alfalah, Mastercard Simplify Commerce will be launched for the first time in Pakistan. As businesses enter and thrive in the digital marketplace, the technology provides a range of robust payments and business management tools that assist streamline backend procedures, allowing merchants to focus on essential company functions.

According to the Pakistan Bureau of Statistics, SMEs account for about 90% of all private enterprises in Pakistan and employ nearly 78 percent of the non-agricultural work population, demonstrating the great potential for digitalization of these businesses to strengthen the country’s economy.

Mastercard’s Pakistan Country Manager, Atyab Tahir, said:

“By working with Bank Alfalah, Mastercard is enabling businesses to reach their full potential with two of its most innovative digital payment solutions, Mastercard Tap on Phone and Simplify Commerce, for the first time in Pakistan.” The availability of smartphone-based acceptance solutions is a much-needed advance in the goal of financial inclusion, notably in Pakistan, where digital point-of-sale systems and platforms service a population of 220 million people.”

Mastercard Simplify is specifically designed to be simple to set up, allowing retailers with little or no digital experience to quickly access a comfortable and secure acceptance solution and begin accepting payments.

“The integration of the Mastercard Tap on Phone and Simplify Commerce platforms is a gamechanger for Bank Alfalah SME customers and millions of consumers who will now have access to a seamless, secure, and intuitive checkout experience through their contactless cards and devices,” said Mehreen Ahmed, Group Head – Retail Banking, Bank Alfalah. Bank Alfalah is making a big contribution to SME growth and inclusion in Pakistan’s economy by allowing merchants to turn their Android phones into secure payment acceptance devices at a low cost.

The announcement expands on Mastercard’s long-standing partnership with Bank Alfalah and its ongoing support for SMEs in Pakistan and throughout the Middle East and North Africa (MENA). Mastercard has committed to connecting one billion individuals and 50 million micro, small, and medium companies to the digital economy by 2025, with a special focus on 25 million women entrepreneurs.

The post Bank Alfalah Launched ‘Tap on Phone’ appeared first on Techlist.