NayaPay has joined the Visa Fintech Fast Track program, speeding up the payment company’s integration process with Visa and enabling NayaPay to leverage the reach, capabilities, and security of the Visa global payments network.
Through the Fast Track program, NayaPay has access to Visa’s growing partner network, technology, and resources to accelerate innovation in digital payments in Pakistan.
As an Electronic Money Institution (EMI), NayaPay will enable users to open E-Money accounts within a few minutes and make hassle-free digital payments to each other and to businesses.
NayaPay consumers and merchants can use their NayaPay Visa debit card to perform online and in-store transactions with millions of retailers worldwide as well as withdraw cash conveniently at any ATM location. NayaPay customers can also scan Visa merchant QR codes to make payments directly through their app.
NayaPay will also be leveraging Visa Direct to simplify cross-border money transfers for freelancers and other Pakistan based businesses working with international clients, and households receiving remittances from their families abroad.
Users will be able to accept funds instantly and directly into their NayaPay wallets from over a billion Visa cards across the globe.
“We are committed to helping fintechs achieve their potential – enabling big ideas to flourish and supporting them through the reach, scale, and security of the Visa network,” said Kamil Khan, Country Manager, Pakistan, Visa.
“We have strategically evolved both our platforms and how we work with partners and customers to encourage a broadening of the fintech ecosystem globally and are excited by the opportunities and new use cases the NayaPay partnership will enable in Pakistan. Our work with NayaPay is a stepping stone in that evolution and we look forward to further supporting them on their journey,” he added.
Danish Lakhani, CEO NayaPay, said: “We are delighted to have found a partner in Visa that shares our goals of making financial services simpler, more convenient and accessible to Pakistani users – the needs of whom have been overlooked for far too long. Over the past few months, we have been integrating Visa’s offerings to reinforce our issuing and acquiring capabilities and to deliver on our promise of becoming a part of citizens’ daily lives.”
“By joining Visa’s Fintech Fast Track program, exciting fintechs like NayaPay gain unprecedented access to Visa experts, technology, and resources,” said Otto Williams, Vice President, Strategic Partnerships, Fintech and Ventures, CEMEA at Visa.
“The Visa Fintech Fast Track program lets us provide new resources that rapidly growing companies need to scale with efficiency. We’re delighted to welcome NayaPay into our program and look forward to working with them on their payment solutions that will transform financial inclusion in Pakistan,” he added.
This will be a game changer for Pakistan. I am so happy a local Pakistani company has finally stood up to the challenge. We don’t need the “imported” technology solution from Norway, Russia or even China specially when there are local solution. Above is the ideal match, local Pakistani company in partnership with global tech giant but on their own terms or agreed terms. This is the only route to making Pakistanis successful. I hope this company will IPO in Pakistan. I will be the first to buy the share.
Interesting.
I am led to wonder how they are cutting SBP and SECP red tapes so fast.
Same Upper hand like as PTA is going against Court Order
Rumour locally is that the guys from Mastercard and SadaPay are upset that Nayapay got its permission before them. I am led to wonder why these foreign funded companies are creating such a huff and puff over local Pakistanis?