Bank Alfalah and Cheetay Logistics Pvt. Ltd entered into a memorandum of understanding (MoU), to work towards digitizing payments. The partnership will enable Cheetay, the fastest-growing NOW-Commerce platform, to accept payments through Mastercard QR.
Bank Alfalah, one of Pakistan’s leading banks and a pioneer in fintech, continues the digitization of services through mobile technology in the country. Enabling financial transactions by QR codes through mobile phones will allow customers to enjoy the convenience of cashless payments, where a dynamic QR code will be digitally generated according to the customer’s bill on the rider’s app.
The payment method plays a crucial role in the success of last-mile delivery companies. Cheetay customers can now use Mastercard QR as their payment method when ordering through Cheetay’s app. Once the order has been delivered, the rider will generate a dynamic Mastercard QR in accordance with the receivable amount and the customer will only have to scan the unique QR code with their Alfa to make the payment.
Furthermore, with Bank Alfalah as a payment technology partner, Cheetay will now be able to accept payments through not only Alfa but through 25 other Digital Banking Apps being used across the country.
In addition to this, Bank Alfalah is also integrating Alfa Payment Gateway (APG) with Cheetay online platforms, which will enable customers to use their Alfa Wallets and Bank Alfalah accounts to prepay for their orders securely and seamlessly. This is yet another step forward, towards Bank Alfalah’s goal of digitizing payments and will further enable Cheetay to extend its consumer reach and increase the transparency of transactions.
Moreover, Bank Alfalah Limited and Cheetay, also aim to digitize salaries of Cheetay riders via the Bank Alfalah Limited Digital Payroll Solution. This will enable Cheetay to open their riders’ mobile wallets, digitally, and disburse salaries through digital channels in real-time adding value to Cheetay and strengthening the vision of both the stakeholders.
Alongside this, the scope also includes digital lending in the form of advance salaries and bike financing to Cheetay riders in the near future. Lastly, Bank Alfalah Limited will also enable Cheetay to make Vendor Payments electronically using the Alfalah Cash Management Solution.
Yahya Khan, Group Head of Digital Banking Group at Bank Alfalah, said:
We are glad about this strategic partnership with Cheetay. Being an advocate of the OneQR concept we have technologically enabled Cheetay to accept QR payments from any financial app; minimizing cash handling, digitization of everyday payments and paving the way for financial inclusion. At the center of this innovation is the end consumer who will enjoy a cash-free and secure transaction experience which we believe is pivotal for the growth of the e-commerce industry in Pakistan.
Ayesha Jalil, Manager Partnerships at Cheetay, said:
We are the first NOW-Commerce platform to offer secure Mastercard QR payments. Customers can now enjoy hassle-free shopping powered by Cheetay and Bank Alfalah. This partnership will pave the way for other e-Commerce players to simplify and digitize their checkout process.
Majid Khan, Cheetay’s CEO, said:
Cheetay is an innovative, tech company known for a lot of industry-firsts. Electronic payments are the way forward for NOW-Commerce companies and we are partnering with Bank Alfalah to offer a tech solution to an industry pain point. A seamless online shopping experience is the much-needed push towards a digitally-enabled Pakistan.