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. 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 mentioned; “we are proud to partner with NIFT ePay, which will serve to drive ecommerce 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”.
About Paymob: Paymob is a MENA focused technology company that builds infrastructure for the digital economy. As a financial services technology enabler empowering the masses with better access to finance, Paymob provides various technology products for enabling businesses to accept payments, make payments, manage their finances, and grow their business.
Paymob is the largest payment aggregator in Egypt, processing payments in several countries around the globe. Paymob drives economic growth while empowering merchants with its various products offerings to benefit from the powers of the digital economy and the financial inclusion movement.
It was founded in 2015 by Islam Shawky, Alain El Hajj, and Mostafa Menessy and is headquartered in Cairo, Egypt. Visit www.paymob.com for more information
About NIFT ePay: NIFT – National Institutional Facilitation Technologies (Pvt.) Limited was incorporated in September 1995, as a joint venture between consortium of six major Pakistani banks and entrepreneurs from the private sector.
NIFT has been licensed and nominated by SBP as a PSO and PSP under the Rules for Payment System Operator (PSO) and Payment Service Provider (PSP) issued by State Bank of Pakistan under the PS&EFT Act 2007, to provide an electronic platform for clearing, processing, routing and switching of electronic transactions.
NIFT is certified ISO 9001-2000 for Clearing Services and ISO 27001 for Information Security Services. Visit www.nift.pk for more information.
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