Mastercard ‘Encouraged’ as Egypt’s Paymob Expands Into Pakistan

Mastercard ‘Encouraged’ as Egypt’s Paymob Expands Into Pakistan

Paymob has described the market opportunity in Pakistan as ‘significant’ and ‘perfectly suited’ to its ability to bridge the digital financial gap. Pakistan has a population of more than 220 million with a range of retail outlets and SME businesses across the country’s cities. Over four million SMEs use just over 80,000 POS terminals and less than 3,000 ecommerce gateways. Pakistan is also ranked as the fifth largest global market for freelancing servicing local and international customers with no sufficient local means of digital payments. According to Paymob, it can provide individual and micro businesses with payment links and soft POS solutions in order to manage their payments and scale their businesses. Islam Shawky, CEO and co-founder of Paymob, said: “We are very excited to be launching Pakistan. This comes as an essential step after our successful journey in leading the Egyptian payments landscape where we enable over tens of thousands of merchants with innovative financial solutions. Paymob operates with a concrete belief that SME’s are the corner stone of every economy and enabling them automatically reflects on the country’s digital economy.” Established in 2015, Paymob also plans to extend its ‘tap-on-phone’ payment acceptance mechanism service, which it launched in