UAE Business: Bank Alfalah, Paymob to drive digital payment in Pakistan – Gulf Digital News

UAE Business: Bank Alfalah, Paymob to drive digital payment in Pakistan – Gulf Digital News

Paymob, Mena’s market-leading digital payments provider, has announced a new, strategic relationship with Bank Alfalah, in one of Pakistan’s largest fintech partnerships to date.

Paymob’s partnership with one of Pakistan’s leading private banks will drive financial inclusion and lead the way for swift payment acceptance, and follows 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