The new up and coming financial service provider NayaPay Pvt. Ltd has recently signed a Memorandum of Understanding (MoU) with Meezan Bank Limited to form a strategic partnership between the two organizations in order to provide innovative, technology-based payments in Pakistan.
Mr. Ariful Islam, Deputy CEO of Meezan Bank, speaking about the partnership said, “We are delighted to partner with NayaPay which is all set to introduce exciting innovations in the payments space aimed at making payments easier and faster for the customers while expanding payments ecosystem with the inclusion of new segments and use cases. We wish NayaPay all the very best.”
The aim of NayaPay is to introduce a robust payment services platform to enable merchants and consumers to sign up, transact and communicate cheaply, securely and conveniently. Accoridng to NayaPay there is a significant gap between consumer expectations and financial services currently available. Furthermore, NayaPay is also an applicant for the PSP/PSO license that has been issued by the State Bank of Pakistan.
Mr. Danish Lakhani, CEO NayaPay (Pvt.) Limited, speaking on the occasion said: “We at NayaPay hold the firm conviction that Pakistan needs a robust, local payment service that provides similar user conveniences to, and has as profound an impact on the transaction economy as those which PayPal, Venmo, AliPay and WeChat Pay have on their native markets.”
According to him, NayaPay believes that a mobile-app based low cost and secure digital payments platform is an important pillar of any digitally inclusive society and will enable a range of new services that previously were too expensive or accessible only by a small segment of Pakistani society.
“In addition, the NayaPay digital payments platform will bring greater transparency to the economy. We are also building this platform from the ground up using best in class components to address global challenges associated with money laundering and financial fraud. Finally, it is our firm view that Pakistan has rich human capital required to operate, scale and develop many of the components within Pakistan and there is absolutely no reason we cannot match and — in many ways – exceed the success of PayTM in India and bKash in Bangladesh among others.” He said.