NayaPay, the first E-Money Institution in Pakistan, has announced its partnership with Euronet Pakistan, a division of Euronet Worldwide (NASDAQ: EEFT), to revolutionize payment acceptance and promote financial inclusion of micro, small and medium businesses in the country. Euronet Pakistan has collaborated with the fintech as a third-party processor of domestic and international transactions for NayaPay’s business customers.
NayaPay is a fintech platform empowering underserved consumers and SMBs with better access to financial services. While its chat-led payments app enables Pakistani citizens to open a wallet on their smartphone and order free Visa debit card, NayaPay is now set to introduce solutions for merchants. NayaPay Arc aims to empower entrepreneurs, the majority of whom are unregistered, have traditionally dealt primarily in cash, and have very limited access to business banking. Arc will provide universal payments acceptance and a range of business financial management tools to give business owners the visibility of their cash flows, pay suppliers and grow sales. SMBs will be able to set up their Arc merchant account in minutes and offer debit and credit card, bank transfer and RAAST as payment options to their customers – breaking traditional barriers and friction associated with payment acceptance.
Euronet is a leading global financial technology solutions and payments provider. NayaPay will integrate Euronet’s gateway services to authorize and route POS transactions to major payment schemes. Euronet will manage incoming and outgoing clearing file exchange with international card schemes such as Visa and Mastercard for settlements and card association clearing reports of NayaPay POS and e-Commerce transactions. The gateway services are hosted on Euronet’s robust PCI-DSS compliant infrastructure in its data center facilities in Pakistan, enabling provision of superior experience for NayaPay merchants through guaranteed service levels and uptime.
Speaking at the occasion, Kashif Gaya, Chief Executive Officer Euronet Pakistan said ‘’We are excited to be a part of NayaPay’s journey in revolutionizing the payment industry by empowering them with world-class payment processing solutions and innovative range of products. The future belongs to cashless transactions and this strategic collaboration is a stepping stone towards Euronet’s mission of accelerating digital payment eco-system in the country by offering secure, convenient and seamless payments experience to its valued partners”
Danish A. Lakhani, CEO NayaPay, said: “We are excited to partner with Euronet, an internationally renowned payments solution provider. Integrating with the Euronet platform will be invaluable as we execute on our strategy to deliver frictionless payments acceptance and SAAS solutions to merchants. We are enthralled about serving Pakistani entrepreneurs with solutions to digitize their payments and integrate with the global financial system, while growing sales and increasing their productivity.”