According to the agreement, Paymob Checkout, the company’s payment gateway, will make it possible for their merchants to accept digital payments utilizing the NIFT ePay payment platform, which allows account, wallet, and card-based payments.
A better way for SMEs to access financial services is through Paymob’s omni-channel payment infrastructure, which enables businesses to take digital payments both online and in-person. For the purpose of facilitating payment capture, Paymob Checkout acts as a gateway on merchant websites.
The largest number of payment options are available in Egypt through Paymob’s gateway. In addition to standard bank cards, Paymob merchants have access to mobile wallets, QR payments, bank card instalment plans, and Buy-Now Pay-Later (BNPL) alternatives, all of which are designed to boost revenue and transaction volume.
To serve the Pakistani market, Paymob intends to expand its Tap-on-Phone payment acceptance service. Along with developing tools for its merchants to operate and expand their businesses, the company will also introduce cards to support B2B transactions for its customers.
In 1995, six significant Pakistani banks and businesspeople from the private sector established NIFT as a joint venture. In Pakistan, it is the leading Payment System Operator (PSO) for clearing cheques as well as the top Digital Payment Gateway, offering an electronic platform for clearing, processing, and switching electronic transactions under the brand name NIFT ePay.
Haider Wahab, CEO of NIFT, stated that NIFT “continues to play a vital part and proactive role in streamlining Pakistan’s payment system.” “As promoters of financial technology, we’re dedicated to providing an effective, safe, and convenient digital payment system that will enable further economic progress. With this new partnership with Paymob, Pakistan’s payment infrastructure is given access to a range of exciting new opportunities and is elevated to the forefront of this industry innovation, he added.
Fawad Abdul Kader, Paymob’s Country in Pakistan, stated: “We are happy to work with NIFT ePay which will serve to accelerate commerce by offering a variety of payment choices available to merchants all across Pakistan.” The partnership with NIFT ePay, he continued, “will serve to fuel that expansion and drive revenue in today’s digital economy. SME’s are the engines of growth in any economy.” He went on to say that SME’s are the development engines of any economy, and this partnership with NIFT ePay would aid in fostering that growth and generating income in the modern digital economy.
