Paymob, the leading omni-channel financial services platform in the MENAP region, signed an agreement with National Institutional Facilitation Technologies (NIFT) to facilitate digital payments in Pakistan and to secure payment transfers.
Under the agreement, Paymob will enable digital payments for their merchants using the NIFT ePay payment platform which supports account, wallet, and card-based payments.
Paymob’s payment infrastructure enables SMEs to accept digital payments online and in-store whilst providing them better access to financial services. As an API integrator, Paymob’s gateway sits on merchants’ websites to facilitate payment capture.
In addition to conventional bank cards, Paymob merchants will have access to mobile wallets, QR payments, bank card installment plans, and Buy-Now Pay-Later (BNPL) options all of which serve to drive an increased volume of transactions and revenue.
Paymob plans to extend its Tap-on-Phone payment acceptance service to the Pakistan market. The company will also launch cards to enable B2B transactions for its merchants and build tools for merchants to better manage and grow their business.
NIFT was established in 1995 as a joint venture between six major Pakistani banks and entrepreneurs from the private sector.
It is the leading Payment System Operator (PSO) in Pakistan for cheque clearing and is the country’s foremost Digital Payment Gateway, providing an electronic platform for clearing, processing, and switching electronic transactions in Pakistan under the brand name NIFT ePay.
Haidar Wahab, CEO of NIFT, commented, “NIFT continues to play an important and proactive role in streamlining Pakistan’s payment system. As promoters of financial technology, NIFT is committed to delivering an efficient, secured, and convenient digital payment system in which our economic growth can further thrive.”
He added, “This new partnership with Paymob opens a range of exciting new possibilities for Pakistan’s payment infrastructure and puts it at the cutting edge of innovation in this space.”
Fawad Abdul Kader, Country Manager of Paymob in Pakistan, said, “We are proud to partner with NIFT ePay which will serve to drive e-commerce by making a variety of payment options available to merchants all across Pakistan.”
“SMEs are the engines of growth in any economy and this partnership with NIFT ePay will serve to fuel that growth and drive revenue in today’s digital economy,” Kader added.