Meezan Bank and NayaPay Join Hands to Accelerate Digital Payments in Pakistan
Telecommunications and technology are moving at a fast pace. NayaPay’s objective is to introduce a robust payment service platform, which will enable buyers and sellers to communicate easily. The transactions would be cost-efficient, secure and convenient for the users of NayaPay.
NayaPay was formed with the idea to overcome the gap between consumer expectations and what the current financial services are providing. For smooth and safe financing, NayaPay has a home-grown platform with best in class components available. The service is keeping a check on the threat of money laundering, making sure that no finances of terrorism guidelines are done, even by accident. It ensures that the local and global regulatory frameworks are followed and met.
NayaPay is an applicant for the PSP/PSO license issued by the State Bank of Pakistan. Following the international standards and practices, NayaPay is handling customers’ security concerns. The standards that NayaPay follows include ISO /IEC 27001:2013 and PCI-DSS 3.2. Implementing world-renowned technology solutions to tackle issues, like KYC, AML/CFT, and AI-based fraud detection. All of this is hosted in Pakistan.
Speaking at the signing ceremony, Mr. Danish Lakhani, CEO NayaPay (Pvt.) Limited, said: “We at NayaPay hold the firm conviction that Pakistan needs a robust, local payment service that provides similar user conveniences too, and has as profound an impact on the transaction economy as those which PayPal, Venmo, AliPay, and WeChat Pay have on their native markets. In fact, we believe that a mobile-app based, low cost and secure digital payments platform is an important pillar of any digitally inclusive society and will enable a range of new services that previously were too expensive or accessible only by a small segment of Pakistani society. In addition, the NayaPay digital payments platform will bring greater transparency to the economy. We are also building this platform from the ground up using best in class components to address global challenges associated with money laundering and financial fraud. Finally, it is our firm view that Pakistan has the rich human capital required to operate, scale and develop many of the components within Pakistan and there is absolutely no reason we cannot match and — in many ways – exceed the success of PayTM in India and bKash in Bangladesh among others.”
Mr. Ariful Islam, Deputy CEO of Meezan Bank, who was also attending the signing ceremony said: “We are delighted to partner with NayaPay which is all set to introduce exciting innovations in the payments space aimed at making payments easier and faster for the customers while expanding payments ecosystem with the inclusion of new segments and use cases. We wish NayaPay all the very best.”