NayaPay, an Electronic Money Institution (EMI), has collaborated with Visa, a leading global payment solution. Now they have access to Visa’s growing partner and global payments network, technology, and resources to accelerate innovation in digital payments in Pakistan.
NayaPay will enable users to open electronic (E)-Money accounts within a few minutes and make hassle-free digital payments to each other and to businesses.
NayaPay consumers and merchants can use their NayaPay Visa debit card to perform online and in-store transactions with millions of retailers worldwide as well as withdraw cash conveniently at any ATM location.
NayaPay customers can also scan Visa merchant QR codes to make payments directly through their app.
NayaPay will also facilitate cross-border money transfers for freelancers and other Pakistan-based businesses working with international clients, and households receiving remittances from their families abroad.
Users will be able to accept funds instantly and directly into their NayaPay wallets from over a billion Visa cards across the globe.
Danish Lakhani, CEO NayaPay, said: “We are delighted to have found a partner in Visa that shares our goals of making financial services simpler, more convenient and accessible to Pakistani users – the needs of whom have been overlooked for far too long. Over the past few months, we have been integrating Visa’s offerings to reinforce our issuing and acquiring capabilities and to deliver on our promise of becoming a part of citizens’ daily lives.”
“We are committed to helping fintech achieve their potential – enabling big ideas to flourish and supporting them through the reach, scale, and security of the Visa network,” said Kamil Khan, Country Manager, Pakistan, Visa.
“By joining Visa’s Fintech Fast Track program, exciting fintech like NayaPay gain unprecedented access to Visa experts, technology, and resources,” said Otto Williams, Vice President, Strategic Partnerships, Fintech and Ventures, CEMEA at Visa.