Pakistan’s JS Bank and NayaPay have entered an agreement in order to support and enhance virtual payments in the country.
Through their partnership, JS Bank and NayaPay will allow their clients to link their JS Bank account or JCash wallet to their NayaPay wallets for making fund transfers between different accounts and for merchants to transfer money to their preferred JS Bank account.
Additionally, consumers and businesses may use their linked accounts to make payments to verified merchants via the NayaPay app. Clients are also able to load up their NayaPay wallets by using the JSBL internet banking portal and mobile banking app or by visiting a JSBL branch for making over-the-counter cash deposits.
Noman Azhar, Chief Digital Officer, JS Bank, remarked:
“This partnership will allow us to fulfill one of our key objectives which is delivery of value-added payment solutions in a simple, convenient and easy manner. We believe in providing an enabling environment to startups which can help to fill the gaps in the current ecosystem”.
Faraz Javed, CIO at NayaPay, added:
“At both NayaPay and JS Bank, customer convenience without compromising security is paramount- our strategic partnership will go a long way towards achieving this goal. We look forward to a strong relationship between JS Bank and NayaPay to bring immense value to our collective customers.”
As an Electronic Money Institution (EMI), NayaPay allows consumers in Pakistan to open and maintain E-money accounts in a few easy steps and carry out digital transactions in a seamless manner.
With this latest partnership, JS Bank has been added to NayaPay’s extensive list of partner banking platforms. The collaboration is expected to enhance the virtual payments ecosystem in the country.
As covered in June 2021, Fintech adoption in Pakistan is on the rise with record levels of funding being secured by startups, according to a recent report.