Momentum PR

Momentum PR Momentum PR is one of Pakistan's leading public relations and communications consultants, with representation in Karachi, Lahore, and Islamabad.

MPR is an associate of Weber Shandwick; and a member of Council of PR Pakistan (CPRP) & the Karachi Press Club Momentum PR is one of Pakistan's leading public relations and communications consultant. With presence in Karachi, Lahore, and Islamabad, we are staffed with highly trained and experienced professionals. MPR is the pioneer agency to have successfully implemented PR 2.0 by using Online Soc

ial Media for its clients. Momentum PR has partnered with the industry best to provide quality services in the areas of BTL, Activation, OOH, Events, Documentary & Film productions, Photography and website designing and hosting.

Business Recorder - Innovative wins P@SHA ICT Awards 2024Innovative Pvt Ltd (IPL), Pakistan’s leading provider of Self-S...
03/10/2024

Business Recorder - Innovative wins P@SHA ICT Awards 2024

Innovative Pvt Ltd (IPL), Pakistan’s leading provider of Self-Service Banking and Currency Technology Solutions, has won Pakistan Software Houses Association (PASHA) ICT Award 2024 in the Business Services-FinTech category.

This marks the second time in a row IPL has secured this coveted honour, solidifying its position as a trailblazer in financial technology and innovation.

Recognized for its groundbreaking contributions, IPL’s cutting-edge FinTech solutions, particularly its flagship product iEngage, continue to revolutionize the banking landscape. IPL has enabled financial institutions to offer superior, customer-centric services, such as the Smarter Cash Withdrawals feature, which allows users to withdraw cash in their preferred denominations along with modern UI / UX and Omnichannel experience on ATMs.

The company’s CEO Naveed Ali Baig received the award in a ceremony and said that this award is a testament to the relentless efforts of our team and our unwavering commitment to delivering the best-in-class solutions to our clients.

KARACHI: Innovative Pvt Ltd (IPL), Pakistan’s leading provider of Self-Service Banking and Currency Technology...

Startup Pakistan - Samsung in Collaboration with Simpaisa launches   on Samsung’s Online Estore in  Samsung is excited t...
28/09/2024

Startup Pakistan - Samsung in Collaboration with Simpaisa launches on Samsung’s Online Estore in

Samsung is excited to announce its collaboration with Simpaisa by launching the Digital Wallets payment option on Samsung’s official eStore for Pakistan, www.samsung.com/pk. This marks a significant step towards the enhancement of the online shopping experience for Samsung customers in Pakistan. Over the past years, Samsung has made substantial investments in its eStore by continuously enhancing its features to meet the evolving needs of its customers. The addition of Digital Wallets is aimed to provide customers with a seamless, secure, and convenient payment option.

As Digital Wallets continue to gain attraction globally and in Pakistan, Samsung continues to offer a seamless shopping experience with multiple payment solutions, including the newly integrated leading Digital Wallets into its online shopping platform. Simpaisa’s advanced platform facilitates this new feature, allowing customers to make payments via EasyPaisa, JazzCash, HBL Konnect, and Alfa, ensuring fast, secure, and convenient transactions on Samsung.com.

Samsung Enhances eStore Payments Solutions with Simpaisa

Samsung’s eStore is a direct-to-consumer (D2C) platform that offers customers access to PTA-approved official Samsung smartphones, accessories, and consumer electronics, along with exclusive online benefits like free nationwide delivery, free screen replacements within warranty, self-pickup options, and more, subject to specific terms and conditions. The integration of Simpaisa’s payment options offers convenience and flexibility for customers to purchase their favourite Samsung devices and use a range of trusted mobile wallets and banking options.

Samsung and Simpaisa: A Commitment to Innovation and Financial Inclusivity

The collaboration with Simpaisa highlights Samsung’s commitment to customers to offer the most convenient payment solutions to make Samsung.com more accessible and adaptable to the needs of the Pakistani market.

Samsung and Simpaisa officials shared their thoughts about the collaboration, focusing on the value it brings to enhancing customer convenience.

“We are continually striving to offer Samsung’s customers the best possible online shopping experience, and the launch of Digital Wallets is a testament to that commitment. With this new feature, customers can enjoy a more streamlined and secure payment process, ensuring that their shopping experience is not only convenient but also highly secure. We are excited to collaborate with Simpaisa, whose expertise in digital payment services ensures that the Digital Wallets feature is reliable and easy to use,” said Mr. Saad Tawwab Khan Rao, Chief Marketing Officer (CMO), Samsung EC Pakistan (Pvt) Limited.

Mr. Shahroze A. Khan, Head of Business at Simpaisa, shared his excitement, stating, “We are thrilled to be at the forefront of revolutionizing digital payments in Pakistan through this collaboration with Samsung. By enabling the acceptance of mobile wallets and direct bank transfers on Samsung’s platform, we are not just advancing financial inclusion but also setting a new standard in the market. This collaboration reflects Simpaisa’s commitment to offering innovative, user-centric payment solutions that disrupt traditional methods. By prioritizing alternate payment modalities and superior Quality of Service (QoS), we are empowering users with more accessible and efficient financial options, marking a significant step forward in the evolution of digital payments.”

https://startuppakistan.com.pk/samsung-in-collaboration-with-simpaisa-launches-digital-wallets-on-samsungs-online-estore-in-pakistan/

Samsung is excited to announce its collaboration with Simpaisa by launching the Digital Wallets payment option on Samsung’s official eStore for Pakistan, www.samsung.com/pk. This marks a significant step towards the enhancement of the online shopping experience for Samsung customers in Pakistan. O...

Advertising Today - Samsung in collaboration with Simpaisa launches   on Samsung’s Online Estore in  Samsung is excited ...
28/09/2024

Advertising Today - Samsung in collaboration with Simpaisa launches on Samsung’s Online Estore in

Samsung is excited to announce its collaboration with Simpaisa by launching the Digital Wallets payment option on Samsung’s official eStore for Pakistan, www.samsung.com/pk. This marks a significant step towards the enhancement of the online shopping experience for Samsung customers in Pakistan. Over the past years, Samsung has made substantial investments in its eStore by continuously enhancing its features to meet the evolving needs of its customers. The addition of Digital Wallets is aimed to provide customers with a seamless, secure, and convenient payment option.

As Digital Wallets continue to gain attraction globally and in Pakistan, Samsung continues to offer a seamless shopping experience with multiple payment solutions, including the newly integrated leading Digital Wallets into its online shopping platform. Simpaisa’s advanced platform facilitates this new feature, allowing customers to make payments via EasyPaisa, JazzCash, HBL Konnect, and Alfa, ensuring fast, secure, and convenient transactions on Samsung.com.

Samsung Enhances eStore Payments Solutions with Simpaisa

Samsung’s eStore is a direct-to-consumer (D2C) platform that offers customers access to PTA-approved official Samsung smartphones, accessories, and consumer electronics, along with exclusive online benefits like free nationwide delivery, free screen replacements within warranty, self-pickup options, and more, subject to specific terms and conditions. The integration of Simpaisa’s payment options offers convenience and flexibility for customers to purchase their favourite Samsung devices and use a range of trusted mobile wallets and banking options.

Samsung and Simpaisa: A Commitment to Innovation and Financial Inclusivity

The collaboration with Simpaisa highlights Samsung’s commitment to customers to offer the most convenient payment solutions to make Samsung.com more accessible and adaptable to the needs of the Pakistani market.

Samsung and Simpaisa officials shared their thoughts about the collaboration, focusing on the value it brings to enhancing customer convenience.

“We are continually striving to offer Samsung’s customers the best possible online shopping experience, and the launch of Digital Wallets is a testament to that commitment. With this new feature, customers can enjoy a more streamlined and secure payment process, ensuring that their shopping experience is not only convenient but also highly secure. We are excited to collaborate with Simpaisa, whose expertise in digital payment services ensures that the Digital Wallets feature is reliable and easy to use,” said Mr. Saad Tawwab Khan Rao, Chief Marketing Officer (CMO), Samsung EC Pakistan (Pvt) Limited.

Mr. Shahroze A. Khan, Head of Business at Simpaisa, shared his excitement, stating, “We are thrilled to be at the forefront of revolutionizing digital payments in Pakistan through this collaboration with Samsung. By enabling the acceptance of mobile wallets and direct bank transfers on Samsung’s platform, we are not just advancing financial inclusion but also setting a new standard in the market. This collaboration reflects Simpaisa’s commitment to offering innovative, user-centric payment solutions that disrupt traditional methods. By prioritizing alternate payment modalities and superior Quality of Service (QoS), we are empowering users with more accessible and efficient financial options, marking a significant step forward in the evolution of digital payments.”

https://advertisingtoday.com.pk/samsung-in-collaboration-with-simpaisa-launches-digital-wallets-on-samsungs-online-estore-in-pakistan/

Samsung is excited to announce its collaboration with Simpaisa by launching the Digital Wallets payment option on Samsung’s official eStore for Pakistan, www.samsung.com/pk. This marks a significant step towards the enhancement of the online shopping experience for Samsung customers in Pakistan. O...

Fintech News Pakistan - Samsung Pakistan in collaboration with Simpaisa launches Digital Wallets on Samsung’s Online Est...
28/09/2024

Fintech News Pakistan - Samsung Pakistan in collaboration with Simpaisa launches Digital Wallets on Samsung’s Online Estore in

Samsung is excited to announce its collaboration with Simpaisa by launching the Digital Wallets payment option on Samsung’s official eStore for Pakistan, www.samsung.com/pk. This marks a significant step towards the enhancement of the online shopping experience for Samsung customers in Pakistan. Over the past years, Samsung has made substantial investments in its eStore by continuously enhancing its features to meet the evolving needs of its customers. The addition of Digital Wallets is aimed to provide customers with a seamless, secure, and convenient payment option.

As Digital Wallets continue to gain attraction globally and in Pakistan, Samsung continues to offer a seamless shopping experience with multiple payment solutions, including the newly integrated leading Digital Wallets into its online shopping platform. Simpaisa’s advanced platform facilitates this new feature, allowing customers to make payments via EasyPaisa, JazzCash, HBL Konnect, and Alfa, ensuring fast, secure, and convenient transactions on Samsung.com.

- Samsung Enhances eStore Payments Solutions with Simpaisa
Samsung’s eStore is a direct-to-consumer (D2C) platform that offers customers access to PTA-approved official Samsung smartphones, accessories, and consumer electronics, along with exclusive online benefits like free nationwide delivery, free screen replacements within warranty, self-pickup options, and more, subject to specific terms and conditions. The integration of Simpaisa’s payment options offers convenience and flexibility for customers to purchase their favourite Samsung devices and use a range of trusted mobile wallets and banking options.

- Samsung and Simpaisa: A Commitment to Innovation and Financial Inclusivity
The collaboration with Simpaisa highlights Samsung’s commitment to customers to offer the most convenient payment solutions to make Samsung.com more accessible and adaptable to the needs of the Pakistani market.

Samsung and Simpaisa officials shared their thoughts about the collaboration, focusing on the value it brings to enhancing customer convenience.

“We are continually striving to offer Samsung’s customers the best possible online shopping experience, and the launch of Digital Wallets is a testament to that commitment. With this new feature, customers can enjoy a more streamlined and secure payment process, ensuring that their shopping experience is not only convenient but also highly secure. We are excited to collaborate with Simpaisa, whose expertise in digital payment services ensures that the Digital Wallets feature is reliable and easy to use,” said Mr. Saad Tawwab Khan Rao, Chief Marketing Officer (CMO), Samsung EC Pakistan (Pvt) Limited.

Mr. Shahroze A. Khan, Head of Business at Simpaisa, shared his excitement, stating, “We are thrilled to be at the forefront of revolutionizing digital payments in Pakistan through this collaboration with Samsung. By enabling the acceptance of mobile wallets and direct bank transfers on Samsung’s platform, we are not just advancing financial inclusion but also setting a new standard in the market. This collaboration reflects Simpaisa’s commitment to offering innovative, user-centric payment solutions that disrupt traditional methods. By prioritizing alternate payment modalities and superior Quality of Service (QoS), we are empowering users with more accessible and efficient financial options, marking a significant step forward in the evolution of digital payments.”

https://fintechnews.pk/samsung-in-collaboration-with-simpaisa-launches-digital-wallets-on-samsungs-online-estore-in-pakistan-fintech-news-pakistan/

Lahore-19-September-2024: Samsung is excited to announce its collaboration with Simpaisa by launching the Digital Wallets payment option on Samsung’s official eStore for Pakistan, www.samsung.com/pk. This marks a significant step towards the enhancement of the online shopping experience for Samsun...

Good Times (GT Magazine) - Simpaisa Partners with Eastnets to Enhance Payment Security and Regulatory ComplianceSimpaisa...
08/09/2024

Good Times (GT Magazine) - Simpaisa Partners with Eastnets to Enhance Payment Security and Regulatory Compliance

Simpaisa is proud to announce a strategic partnership with Eastnets, marking a significant milestone in its ongoing commitment to enhanced fraud protection and compliance. Through the integration of Eastnets’ cutting-edge Safewatch Screening (SWS) and Safewatch AML (Anti-Money Laundering) products, Simpaisa is elevating the security and integrity of its payment ecosystem to new heights.

Kamil Shaikh, COO of Simpaisa, remarked, “The addition of Eastnets’ Safewatch Screening and AML technology boosts our security and compliance across digital payments. This upgrade enhances our fraud and cybersecurity defences, solidifying our role as a trusted leader in emerging markets.”

This collaboration reinforces Simpaisa’s dedication to providing strong protection against fraudulent activities while ensuring strict adherence to global standards. By leveraging Eastnets’ advanced technology, Simpaisa is not only safeguarding its operations but also delivering peace of mind to its customers and partners by ensuring their transactions are secure, transparent, and compliant.

Khalil Sharawneh, Eastnets GCC Director, commented, “Remittances from the GCC are vital to many fast-growing economies and transformative to the lives of millions. Given our mission, Eastnets is delighted to have on-boarded Simpaisa, enabling safe and secure payments across their markets. Eastnets’ Safewatch Screening and Anti-Money Laundering compliance solutions will help streamline Simpaisa’s ability to monitor and manage risks efficiently in transactions and adhere to the highest global AML standards.”

Together with Eastnets, Simpaisa is building a more resilient and secure future for payments, positioning itself as a leader in the industry. This partnership enables Simpaisa to meet the evolving demands of the global financial landscape while continuing to innovate and extend its cutting-edge payment technology to merchants with rock-solid global regulatory standards. Simpaisa looks forward to the new opportunities this collaboration will bring as it strengthens its foundation for long-term success.

Simpaisa is a pioneering technology facilitator specialising in payment acquiring, disbursement, and remittances

Biz Today - Simpaisa announces strategic partnership with EastnetsSimpaisa is proud to announce a strategic partnership ...
08/09/2024

Biz Today - Simpaisa announces strategic partnership with Eastnets

Simpaisa is proud to announce a strategic partnership with Eastnets, marking a significant milestone in its ongoing commitment to enhanced fraud protection and compliance. Through the integration of Eastnets’ cutting-edge Safewatch Screening (SWS) and Safewatch AML (Anti-Money Laundering) products, Simpaisa is elevating the security and integrity of its payment ecosystem to new heights.

Kamil Shaikh, COO of Simpaisa, remarked, “The addition of Eastnets’ Safewatch Screening and AML technology boosts our security and compliance across digital payments. This upgrade enhances our fraud and cybersecurity defences, solidifying our role as a trusted leader in emerging markets.”

This collaboration reinforces Simpaisa’s dedication to providing strong protection against fraudulent activities while ensuring strict adherence to global standards. By leveraging Eastnets’ advanced technology, Simpaisa is not only safeguarding its operations but also delivering peace of mind to its customers and partners by ensuring their transactions are secure, transparent, and compliant.

Khalil Sharawneh, Eastnets GCC Director, commented, “Remittances from the GCC are vital to many fast-growing economies and transformative to the lives of millions. Given our mission, Eastnets is delighted to have on-boarded Simpaisa, enabling safe and secure payments across their markets. Eastnets’ Safewatch Screening and Anti-Money Laundering compliance solutions will help streamline Simpaisa’s ability to monitor and manage risks efficiently in transactions and adhere to the highest global AML standards.”

Together with Eastnets, Simpaisa is building a more resilient and secure future for payments, positioning itself as a leader in the industry. This partnership enables Simpaisa to meet the evolving demands of the global financial landscape while continuing to innovate and extend its cutting-edge payment technology to merchants with rock-solid global regulatory standards. Simpaisa looks forward to the new opportunities this collaboration will bring as it strengthens its foundation for long-term success.

Web Desk LAHORE: Simpaisa is proud to announce a strategic partnership with Eastnets, marking a significant milestone in its ongoing commitment to enhanced fraud protection and compliance. Through the integration of Eastnets’ cutting-edge Safewatch Screening (SWS) and Safewatch AML (Anti-Money Lau...

Mettis Global - Meezan Bank Limited, Mastercard strengthen partnership with enhanced offeringsMeezan Bank, Pakistan’s le...
08/09/2024

Mettis Global - Meezan Bank Limited, Mastercard strengthen partnership with enhanced offerings

Meezan Bank, Pakistan’s leading Islamic bank and Mastercard, has renewed the strategic partnership to enhance Meezan Bank's debit card portfolio, transforming the banking experience for its customers across Pakistan.

This collaboration was formalized through a Memorandum of Understanding (MoU) signed by Syed Amir Ali – Deputy CEO of Meezan Bank, and Mr. J.K. Khalil– Regional President of Mastercard.

Also present at the occasion were Mr Irfan Siddiqui, President & CEO, of Meezan Bank, Syed Iftikhar Ul Haq, Group Head of Consumer Finance, and Meezan Bank, among other senior representatives from both organizations.

As part of this renewed partnership, Meezan Bank, with the fastest-growing debit cards portfolio powered by Mastercard, will further expand its premium card offerings.

The Bank will introduce a range of exclusive benefits designed for the evolving needs of its affluent customers.

This includes enhanced convenience, access to bespoke travel and lifestyle benefits and an elevated digital banking experience.

The announcement builds on a long relationship between the partners, which recently saw Meezan Bank becoming the first bank in Pakistan to host a Mastercard-led cyber security workshop, marking the launch of Mastercard’s new cybersecurity service in Pakistan.

“The partnership between Meezan Bank and Mastercard is driven by a shared vision to transform the payment landscape in Pakistan,” said Mr Irfan Siddiqui, President & CEO of Meezan Bank Limited.

“We are pleased to forge this strategic collaboration, which builds on our longstanding relationship and promises to further strengthen the country’s payment solutions infrastructure,” he added.

At Mastercard, we are committed to empowering our partners through innovative financial products and solutions that build confidence, convenience and trust.

Meezan Bank, Pakistan’s leading Islamic bank and Mastercard, has renewed the strategic partnership...

Business Recorder - Meezan Bank Limited & Mastercard renew strategic partnership to enhance offerings for customers acro...
08/09/2024

Business Recorder - Meezan Bank Limited & Mastercard renew strategic partnership to enhance offerings for customers across country

: Meezan Bank has announced the renewal of strategic partnership with Mastercard to enhance bank’s debit cards portfolio and transform the banking experience for its customers across

This collaboration, formalized through a Memorandum of Understanding (MoU) signed by Syed Amir Ali Deputy CEO of Meezan Bank, and JK Khalil Regional President of Mastercard. On the occasion Irfan Siddiqui President & CEO Meezan Bank, Syed Iftikharul Haq Group Head Consumer Finance Meezan Bank and other senior representatives from both the organizations were also present.

As part of this renewed partnership, Meezan Bank, with the fastest growing debit cards portfolio powered by Mastercard, will further expand its premium card offerings. The Bank will introduce a range of exclusive benefits designed for the evolving needs of its affluent customers. This includes enhanced convenience, access to bespoke travel and lifestyle benefits and an elevated digital banking experience.

On the occasion, Irfan Siddiqui President Meezan Bank said that the partnership between Meezan Bank and Mastercard is driven by a shared vision to transform the payment landscape in Pakistan. “We are pleased to forge this strategic collaboration, which builds on our longstanding relationship and promises to further strengthen the country’s payment solutions infrastructure.”

He said that Meezan Bank aim is to deliver secure, convenient, and Shariah-compliant debit card products that will significantly enhance the customer experience.

Arslan Khan, Country Manager, Pakistan at Mastercard said that Mastercard is committed to empowering our partners through innovative financial products and solutions that build confidence, convenience and trust. “We’re excited to partner with Meezan Bank on its phenomenal growth journey, expanding our alliance, with bespoke and customized solutions to meet the ever-evolving needs and aspirations of affluent Islamic Banking consumers in Pakistan, while keeping transactions safe, secure and seamless,” he added.

The announcement builds on a long relationship between the partners, which recently saw Meezan Bank becoming the first bank in Pakistan to host a Mastercard-led cyber security workshop, marking the launch of Mastercard’s new cyber security service in Pakistan.

KARACHI: Meezan Bank has announced the renewal of strategic partnership with Mastercard to enhance bank’s debit...

NetMag Pakistan - How MashreqNeo Plans to Disrupt Traditional Banking and Its Approach to   and   in  . An Exclusive Int...
08/09/2024

NetMag Pakistan - How MashreqNeo Plans to Disrupt Traditional Banking and Its Approach to and in .

An Exclusive Interview with Mr. Khurram Mumtaz, Head of NEO at Mashreq Pakistan

Q1. With over two decades of experience in financial services, how do you see Mashreq NEO disrupting traditional banking in Pakistan, and what unique challenges does the Pakistani market present for digital banking expansion?

Mashreq NEO is poised to revolutionize banking in Pakistan by leveraging our extensive experience in digital innovation and customer-centric solutions. Our digital-first approach, exemplified by platforms like NEO, NEOBiz, and NEOPAY, will bring unparalleled convenience and efficiency to Pakistani customers’ fingertips and will allow us to reduce operational costs, which can then be passed on to customers in the form of better rates and lower fees.

In a market where traditional banking still dominates, Mashreq NEO’s entry represents a paradigm shift. We are not just offering digital services; we are reimagining the entire banking experience. By harnessing technologies such as AI and blockchain, we aim to provide hyper-personalized, secure, and seamless financial interactions that go beyond mere transactions.

However, the Pakistani market presents unique challenges. The regulatory landscape is complex, and we are committed to working closely with authorities to ensure compliance while driving innovation. Cybersecurity is another critical focus area, given the increasing digital threats globally. We are investing heavily in robust security measures to protect our customers’ data and maintain trust in our digital ecosystem.

Perhaps the most significant challenge – and opportunity – lies in financial inclusion. With Pakistan having a large unbanked population, we have the potential to bring millions into the formal financial system via Mashreq NEO. Our user-friendly platforms, backed by cutting-edge technology and our commitment to the Pakistan market, position us uniquely to address this need.

Digital literacy varies across the country, especially in the banking sector and we recognize the importance of educating customers about digital banking in general, along with creating awareness about how our services would benefit them. We are developing comprehensive programs to enhance digital financial literacy, ensuring that all segments of society can benefit from our innovative solutions. We are also focusing on transparency and delivering consistently exceptional customer service, which have been cornerstones in building our international ...

Read the full interview at:

An Exclusive Interview with Mr. Khurram Mumtaz, Head of NEO at Mashreq PakistanQ1. With over two decades of experience in financial ser

Pakistan & Gulf Economist - Bridging tradition and tech: Mashreq’s Islamic Banking revolution in  Embodies a digital-fir...
08/09/2024

Pakistan & Gulf Economist - Bridging tradition and tech: Mashreq’s Islamic Banking revolution in

Embodies a digital-first strategy that redefines banking by seamlessly providing futuristic Islamic finance

An exclusive interview with Shahzad Khokhar, Head of Islamic Banking, Mashreq Pakistan

PAGE: As Mashreq prepares to launch its Islamic banking operations in Pakistan, what unique value proposition do you believe we can offer to the Pakistani market?

Shahzad Khokhar: As Mashreq prepares to launch its Islamic banking operations in Pakistan, we are uniquely positioned to offer significant value in a market where both digital and Islamic banking are burgeoning. This growth is driven by increasing consumer demand and a regulatory landscape that favors innovative banking solutions.

Our entry into the Pakistani market is underpinned by a rich history of experience in the region, enhanced by a challenger bank mindset that has established us as leaders in both digital and Islamic banking sectors. Mashreq Al Islami, our franchise, has been recognized with prestigious accolades such as the ‘Most Innovative Islamic Banking Window’ and ‘Best Islamic Digital Bank.’ These awards attest to our commitment to excellence and innovation in delivering solutions.

What truly sets us apart is our capability to integrate state-of-the-art digital platforms, making Islamic banking products and services easily accessible beyond traditional brick-and-mortar confines. This approach not only brings convenience but also aligns modern banking practices with the values held by customers who adhere to Islamic financial principles....

Read the full interview at:

As Mashreq prepares to launch its Islamic banking operations in Pakistan, we are uniquely positioned to offer significant value in a market

The News - Domestic payment schemes have potential to enable international transactions: bankers : Pakistan must conside...
08/09/2024

The News - Domestic payment schemes have potential to enable international transactions: bankers

: Pakistan must consider using its domestic payment system to facilitate cross-border transactions by partnering with global payment networks, bankers in Pakistan say, adding that integrating advanced technology in the existing payment system is essential to reduce reliance on debit or credit cards for overseas purchases.

To become less dependent on cash, Pakistan is moving towards a digital payment ecosystem. According to data from the State Bank of Pakistan, Raast, the country’s instant payment system, processed 140 million transactions totalling Rs3,437 billion in the third quarter of the last fiscal year that ended on June 30.This marked a 31 per cent increase in volume and a 48 per cent increase in value from the previous quarter. This illustrates the crucial role a national payment system plays in supporting economic activities by enabling secure and efficient financial transactions.

Muhammad Hamayun Sajjad, CEO of Mashreq Pakistan, stated that many countries globally are promoting domestic payment schemes to facilitate international transactions. The introduction of faster/real-time payment platforms has led to a movement towards interconnecting these platforms across borders.

“In Pakistan, we also have the opportunity to enable people to use their bank accounts for overseas purchases through SBP Raast and 1LINK PayPak. The SBP made sure that Raast’s payment experience is consistent on most of Pakistani banks’ mobile applications,” Sajjad said.

“The benefits of using these domestic systems for international transactions include lower fees, faster processing times, and increased security,” Sajjad added. According to him, domestic schemes that work globally to allow bank customers to avoid using debit/credit cards when traveling overseas are relatively limited. However, there are a few notable examples. These systems, such as State Bank of Pakistan SBP Raast and 1LINK PayPak in , operate within the country but have the potential to facilitate international transactions through partnerships and technological integration.

“One area of advancement is the development of faster payment platforms, which allow customers to make international transactions without debit/credit cards,” he said. Sajjad shared a few examples of how local payment networks can expand internationally ...

Read the full article at:

KARACHI: Pakistan must consider using its domestic payment system to facilitate cross-border transactions by partnering with global payment networks, bankers in Pakistan say, adding that integrating...

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