Easypaisa, a widely-used digital payments app, is partnering with Seed Out, a Pakistani crowdfunding platform, in order to digitize the payments collection process.
Seed Out aims to assist the underprivileged in Pakistan learn the entrepreneurial or business skills required to successfully launch their own company or develop their own products and services. The partnership with Seed Out is consistent with Easypaisa’s goal of establishing partnerships with leading organizations that specialize in offering digital financial solutions.
Seed Out beneficiaries will be able to receive and disburse loan payments in a seamless and convenient manner via the Easypaisa app.
Khurram Malik, head of Easypaisa, Telenor Microfinance Bank, stated:
“Easypaisa has been instrumental in providing innovative payment solutions to facilitate our customers and consistently add value to our products and solutions.”
Malik, a marketing postgraduate from London Business School, added:
“Our agreement with Seed Out comes in connection with our commitment of digitizing cash payments. We will continue to build such partnerships in order to support convenient and hassle-free payments and enhance financial inclusion in Pakistan.”
Easypaisa is Pakistan’s most widely-used mobile financial services app. It reportedly processes transactions from millions of users throughout the country.
Zain Ashraf, founder at Seed Out, noted:
“Seed Out has always remained true to its vision of integrating technology and development. With this MOU [memorandum of understanding] signing with Easypaisa, I’m very pleased as our beneficiaries will be able to easily repay their loan amount from the comfort of their homes. It saves them time and money. Taking small steps to make people’s lives easier makes a big difference.”
Last month, the State Bank of Pakistan (SBP) pointed out that there’s currently a lack of digital payment services such as PayPal in the country. Although new payment platforms such as Payoneer are beginning to serve Pakistani customers, the nation’s residents may have lost out on up to $2 billion in payments related to the IT sector.