NayaPay and Visa partner to fast-track digital payments in Pakistan

By Edil Corneille

Karachi-based NayaPay has joined the Visa FinTech Fast Track program, thereby speeding up the payment company’s integration process with Visa and enabling it to leverage the reach, capabilities, and security of the Visa global payments network. Through the Fast Track program, the Pakistani company has access to Visa’s growing partner network, technology, and resources. This is expected to accelerate innovation in digital payments in Pakistan.

Kamil Khan, Country Manager, Pakistan, Visa stated, “We are committed to helping fintechs achieve their potential – enabling big ideas to flourish and supporting them through the reach, scale and security of the Visa network. We have strategically evolved both our platforms and how we work with partners and customers to encourage a broadening of the fintech ecosystem globally and are excited by the opportunities and new use cases the NayaPay partnership will enable in Pakistan. Our work with NayaPay is a stepping stone in that evolution and we look forward to further supporting them on their journey.”

As an Electronic Money Institution (EMI), NayaPay will enable users to open E-Money accounts within a few minutes and make hassle-free digital payments. Consumers and merchants can use their NayaPay Visa debit card to perform online and in-store transactions with millions of retailers worldwide as well as withdraw cash conveniently at any ATM location. Customers can also scan Visa merchant QR codes to make payments directly through their app.

Danish Lakhani, CEO, NayaPay mentioned, “We are delighted to have found a partner in Visa that shares our goals of making financial services simpler, more convenient and accessible to Pakistani users – the needs of whom have been overlooked for far too long. Over the past few months, we have been integrating Visa’s offerings to reinforce our issuing and acquiring capabilities and to deliver on our promise of becoming a part of citizens’ daily lives.”

The Pakistani company will also be leveraging Visa Direct to simplify cross-border money transfers for freelancers and other Pakistan-based businesses working with international clients, and households receiving remittances from their families abroad. Users will be able to accept funds instantly and directly into their NayaPay wallets from over a billion Visa cards across the globe.

Otto Williams, Vice President, Strategic Partnerships, FinTech and Ventures, CEMEA, Visa said, “By joining Visa’s FinTech Fast Track program, exciting fintechs like NayaPay gain unprecedented access to Visa experts, technology, and resources. The Visa FinTech Fast Track program lets us provide new resources that rapidly growing companies need to scale with efficiency. We’re delighted to welcome NayaPay into our program and look forward to working with them on their payment solutions that will transform financial inclusion in Pakistan.”