NayaPay partners with Euronet Pakistan to accelerate digital payment acceptance
NayaPay, the first E-Money Institution in Pakistan, has announced its partnership with Euronet Pakistan, a division of Euronet Worldwide (NASDAQ: EEFT), to revolutionize payment acceptance and promote financial inclusion of micro, small and medium businesses in the country. Euronet Pakistan has collaborated with fintech as a third-party processor of domestic and international transactions for NayaPay’s business customers.
NayaPay is a fintech platform empowering underserved consumers and SMBs with better access to financial services. While its chat-led payments app enables Pakistani citizens to open a wallet on their smartphone and order free Visa debit card, NayaPay is now set to introduce solutions for merchants. NayaPay Arc aims to empower entrepreneurs, the majority of whom are unregistered, have traditionally dealt primarily in cash, and have very limited access to business banking. Arc will provide universal payments acceptance and a range of business financial management tools to give business owners visibility of their cash flows, pay suppliers and grow sales. SMBs will be able to set up their Arc merchant account in minutes and offer debit and credit card, bank transfer, and RAAST as payment options to their customers – breaking traditional barriers and friction associated with payment acceptance.
Euronet is a leading global financial technology solutions and payments provider. NayaPay will integrate Euronet’s gateway services to authorize and route POS transactions to major payment schemes. Euronet will manage incoming and outgoing clearing file exchange with international card schemes such as Visa and Mastercard for settlements and card association clearing reports of NayaPay POS and e-Commerce transactions. The gateway services are hosted on Euronet’s robust PCI-DSS compliant infrastructure in its data center facilities in Pakistan, enabling the provision of a superior experience for NayaPay merchants through guaranteed service levels and uptime.
Speaking at the occasion, Kashif Gaya, Chief Executive Officer Euronet Pakistan said:
Danish A. Lakhani, CEO NayaPay, said:
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