Corporate corner: Meezan Bank, NayaPay join hands

Aim to accelerate digital payments in Pakistan

KARACHI: A Memorandum of Understanding (MoU) was signed between Meezan Bank Limited and NayaPay on November 14, 2018. The agreement forms the basis of a strategic partnership between the two organisations to provide innovative, technology-based payments in Pakistan.

NayaPay aims to introduce a robust payment services platform to enable merchants and consumers to sign up, conduct transaction and communicate cheaply, securely and conveniently. NayaPay believes there is a significant gap between consumer expectations and financial services currently available. The company intends to address these shortcomings with a home-grown platform with best in class components to make payments frictionless and safe while ensuring compliance to local and global regulatory frameworks, and strictly adhering to anti-money laundering and countering financing of terrorism guidelines.

Speaking at the signing ceremony, NayaPay CEO Danish Lakhani said, “We at NayaPay hold firm conviction that Pakistan needs a robust, local payment service that provides similar user conveniences to and has as profound an impact on the transaction economy as those which PayPal, Venmo, AliPay and WeChat Pay have on their native markets.

“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.”

Meezan Bank Deputy CEO Ariful Islam 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.”