In the bustling city of Karachi, while most people are still asleep on an early Saturday morning, tech enthusiasts from banking, IT, and fin-tech sectors are gathering at the PC Hotel for a two-day conference. Organized by Katalyst Labs, the conference has attracted industry leaders, business owners, project managers, and banking experts, all eager to delve into discussions about Pakistan’s future in technology and financial services, particularly for aspirant e-commerce companies.
The conference’s agenda includes captivating topics such as the evolving customer needs and the ever-changing landscape of social media in the business world. Amidst these insightful discussions, a 5-person panel titled “Bank on it: The Future of Fintech” features Fawad Abdul Kader, Country Manager for Paymob in Pakistan. He responds to a question from the moderator about why the Egyptian organization chose to establish operations in Pakistan.
Fawad confidently states, “Did you know that there is only one point-of-sale (POS) machine in Pakistan for every 2200 people? And the solution is right here. Paymob is determined to fill this vacuum by providing a variety of payment acceptance solutions for every demographic in Pakistan.”
Intrigued by Fawad’s statement, the crowd inquires, “What is Paymob?” As the panel remains silent for a moment, they soon learn that Paymob is a rising titan in the Middle East, North Africa, and Pakistan (MENAP) region. The top omnichannel payment provider was even listed in Forbes’ prestigious “Top 25 Middle East Fintech Companies 2022.” Founded in 2015 by three recent graduates, Paymob has rapidly grown to support 150,000 merchants in the area.
Having entered the Pakistani market in 2022, Paymob aims to equip 100,000 retailers and SMEs by mid-2024, promising to revolutionize the country’s payment acceptance system. The company has already added more than 400 SME merchants by October 2022 and introduced its e-commerce gateway for merchants and enterprise businesses, along with innovative payment linkages. Furthermore, Paymob collaborates with popular services like JazzCash to enable seamless payment acceptance for a wide range of clients. With esteemed partners like Bank Alfalah, NIFT, and Kalpay on board, Paymob is poised to fulfill all of its ambitious commitments.
Fawad, an expert in fintech products with a notable portfolio including MCB, NIFT, and Bank Alfalah, emphasizes that disruption is about reimagining existing processes to make them more efficient and convenient. Paymob’s comprehensive payments technology stack allows all kinds of businesses to benefit from their innovative solutions. The vision is clear: to empower businesses of all sizes and types to effortlessly accept payments through an online payment gateway, payment links, and/or Point of Sale (POS) devices.
In 2021, Paymob unveiled a groundbreaking capability for the sector: the ability to collect payments directly from smartphones. This advancement particularly benefits retailers in rural areas with limited resources to operate POS units, enabling them to accept payments via internet-enabled NFC mobile phones.
Fawad believes that the potential for digital currency adoption in Pakistan is enormous, especially as Paymob offers agility to merchants, shortening their settlement process from weeks to just a few days with simple technical enablement. The majority of Paymob’s merchants are first-time customers, demonstrating the untapped market potential and the expansion opportunities they bring to businesses.
Addressing competition, Fawad reveals that Paymob collaborates with incumbents, recognizing that cash transactions must be replaced with a more efficient approach for the benefit of the entire ecosystem.
As Pakistan’s digital landscape rapidly expands, Paymob stands at the forefront, offering unmatched payment acceptance solutions adaptable for businesses of all sizes. The State Bank’s proactive support for the digital ecosystem, issuing digital licenses to various financial service providers, further paves the way for business success with minimal barriers.
With its aggressive go-to-market approach and partnerships with significant companies like Daftarkhwan, JB Saeed, and Scents & Stories, Paymob is poised to maintain its position as a frontrunner in transforming Pakistan’s fintech landscape with cutting-edge POS systems.
As the conference continues, attendees eagerly anticipate the future possibilities that Paymob’s innovative solutions will unlock, undoubtedly tipping the odds in favor of this pioneering fintech company.
