Karachi-headquartered Fintech firm Safepay HQ is reportedly going live with Cybersource (a product of payments service provider Visa) in order to bring Pakistani merchants new ways to allow their clients to pay them online.
Safepay is a payment service provider that has reportedly received pilot approval from the State Bank of Pakistan (SBP) and has been active in the market for the past few years.
Safepay’s core product offering to a merchant is a “one-window” solution that enables clients to make payments online via the merchant’s official website using their bank account, mobile wallet and also their Visa or Mastercards.
Through card acceptance, Pakistan-based merchants are able to accept payments from their domestic and international customers.
As reported by local sources, this is supported by a digital onboarding experience, intuitive technical integrations, dedicated customer support, and a robust reporting dashboard that allows small and large firms to track their transactions.
It’s worth noting that Fintech adoption in Pakistan is still on the rise, despite the unprecedented political and economic uncertainty the country is experiencing.
As covered earlier this month, Pakistan-based Fintech firm OneLoad, which aims to serve micro-retailers, has secured $11 million in order to support a growth phase as it focuses on tapping one of the world’s largest unbanked/underbanked nations.
The recent investment round has been led by Sarmayacar and Shorooq Partners, along with contributions from the Bill & Melinda Gates Foundation’s Strategic Investment Fund, which is notably its first investment in Pakistan.
OneLoad’s Android app, which is used by primarily by smaller merchants/shopkeepers, is among the largest nonbank digital transaction platforms in the Asian country and currently serves millions of clients every month.
As reported last month, Dbank, a Pakistan-based Fintech company established by two ex- Google professionals, has acquired $17.6 million via a seed round that has been co-led by Sequoia Southeast Asia and Kleiner Perkins.
Brazil’s virtual banking platform Nubank, RTP Global, Rayn and business partner Askari Bank also took part in the investment round.
Extensive details on products and launch timelines/roadmap are not available at this time, however, Dbank has applied for a virtual retail bank license in Pakistan and now aims to offer financial services to unbanked/underbanked consumers across the Pan-Islamic world.