This partnership records Paymob’s first collaboration outside its Egyptian home market and comes as part of its expansion strategy in the MENAP region. Bank Alfalah’s partnership with Paymob will drive financial inclusion and lead the way for swift payment acceptance, and will follow Bank Alfalah’s objective to support merchant acquisition and integration services across the country. This collaboration will enable an instant onboarding feature for the first time in Pakistan using Paymob’s advanced solutions such as payment gateway integration, POS terminals and Soft POS. The instant onboarding feature is empowered by the digital onboarding regulations recently published by the State Bank of Pakistan and comes as one of many positive steps the State Bank has led to enable MSME Merchants in order to further digitize the ecosystem. The market opportunity in Pakistan is significant given the range of retail outlets and SME businesses across the country’s cities. With over four million SMEs using just over 80,000 POS terminals and less than 3000 e-commerce payment gateways, the market is perfectly suited to meet Paymob’s criteria and strategy to expand globally – and bridge the digital financial gap. Speaking at the signing ceremony in Karachi, Atif Bajwa, President and CEO of Bank Alfalah said: Alain El-Hajj COO of Paymob, said: “This is a remarkable moment for Paymob. We are honored to partner with Bank AlFalah under its progressive leadership to provide reliable and seamless digital payment services for SMEs across Pakistan. With this partnership we aim to contribute the shared vision of economic growth and digitization of SMEs” Pakistan’s market has several positive drivers. GDP growth is forecast at 5-6% per annum, with the total value of e-commerce consumer goods having grown by 83% in 2021 to reach US$3.9 billion. The Pakistan Telecommunication Authority reports that 101 million people use the internet in Pakistan, with 46% having access to broadband services and 85% (183 million) to mobile connections. According to the PIDE, Pakistan has the potential for significant Fintech growth, due to its increasing youth population, disruptive internet and smartphone penetration, consumer preferences for mobile phones and social media, a booming e-commerce market facilitating digital payments, and the financial system’s overall capacity for innovation.
