NayaPay, a financial platform, has partnered with Alipay+, a cross-border digital payments and marketing platform operated by Ant International.
The collaboration between NayaPay and Alipay+ is set “to make a significant impact by deploying QR codes compatible with both RAAST and Alipay+ payment partners, including e-wallets and bank apps, thereby enhancing incoming foreign exchange flows and integrating the cashless payment systems of global markets and Pakistan.”
This strategic alliance is specifically designed “to streamline digital payments, tackling prevalent issues such as limited interoperability and elevated transaction costs.”
Through this partnership, NayaPay is well-positioned to “provide Pakistani businesses of all sizes, particularly SMEs, with a seamless connection to more than 25 Alipay+ global payment partners, which reaches a total of more than 1.5 billion consumer accounts, in addition to RAAST.”
This initiative ensures that transactions “are not only efficient but also secure, marking a major step forward in the digitization of commerce in Pakistan.”
Furthermore, this partnership is anticipated “to empower businesses in Pakistan to transact seamlessly with global visitors through a low-cost and fast payment system. This will foster documented and cashless trade and tourism between the two countries.”
This initiative is in line with the State Bank of Pakistan’s vision “for the nation’s economic advancement and digital evolution, setting a new benchmark in the region’s financial sector.”
As noted in the update, Alipay+ is “a suite of cross-border digital payment, marketing and digitalization solutions that help connect global merchants to consumers.”
Consumers enjoy seamless payment and “a broad choice of deals using their preferred payment methods while traveling abroad. Small and medium-sized businesses may use Alipay+ digital tools to enhance efficiency and achieve omni-channel growth.”
As covered in early 2022, Pakistan’s NayaPay Pvt. has reportedly acquired $13 million in early-stage capital as it aims to onboard consumers who an underbanked or financially underserved.
The Karachi-headquartered Fintech firm’s seed round has been led by Zayn Capital, MSA Novo and Silicon Valley’s early-stage investor Graph Ventures, CEO Danish Lakhani confirmed (in statements shared with Bloomberg).
NayaPay became the first startup to provide financial services after acquiring an operational license from the State Bank of Pakistan back in August 2021. The Fintech company’s chat-based payments app launched by focusing on freelancer workers and students.