Meezan Bank and NayaPay Join Hands to Accelerate Digital Payments in Pakistan
A Memorandum of Understanding (MoU) was signed between Meezan Bank Limited and NayaPay Pvt Ltd. on the 14th of November 2018. The agreement forms the basis of a strategic partnership between the two organizations 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, transact and communicate cheaply, securely and conveniently. NayaPay believes there is a significant gap between consumer expectations and financial services currently available—and 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.
NayaPay is an applicant for the PSP/PSO license issued by the State Bank of Pakistan. The NayaPay platform responds to customers’ security concerns by implementing international best practices and standards, including ISO/IEC 27001:2013 and PCI-DSS 3.2. Equally importantly, the company is deploying world renowned technology solutions for KYC, AML/CFT and AI based fraud detection – all hosted within Pakistan.
Speaking at the signing ceremony, Mr. Danish Lakhani, CEO NayaPay (Pvt.) Limited, said:
Mr. Ariful Islam, Deputy CEO of Meezan Bank, said:
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