Lahore (Muhammad Yasir) Bank Alfalah & National Institutional Facilitation Technologies (NIFT) announced their strategic collaboration on NIFT’s digital financial services platform “NIFT ePay”, which is an industry first, enabling bank accounts for e-commerce across the banking industry. NIFT’s partnership with Bank Alfalah is unique and multidimensional; the Bank has supported in the realization of this new ecosystem by not only being the settlement bank for NIFT ePay, but also allowing access through its payment gateway – Mastercard’s MPGS – to NIFT ePay merchants for facilitating card transactions.
Bank Alfalah takes a lead through this partnership in expanding payment options not only for its own account holders who are now enabled for ecommerce but also for industry wide account holders by connecting its ecommerce merchant base to NIFT ePay. NIFT, a trusted name in cheque clearing, is looking to bring innovation to the payments space by introducing new transaction opportunities for banking customers by taking advantage of its market presence and technological capability. NIFT ePay is an important step in this direction.
Mr. Atif Bajwa, President and CEO for Bank Alfalah welcomed the initiative and commented, “Bank Alfalah and NIFT’s partnership in promoting e-commerce while enabling bank account holders across the banking industry is a unique and innovative initiative which will help grow the payments market significantly. Bank Alfalah is also delighted to be offering its payments infrastructure capability to NIFT on the acquiring & settlement fronts, which forms the backbone of this new ecosystem. Bank Alfalah is a leading innovator in the banking market and our aim is to keep partnering with like-minded players to not only bring greater convenience to our retail and cards customers but also provide access for electronic & digital transactions to segments not yet served by the industry. NIFT has been a key partner for the bank for a long time and I am happy to note our relationship is getting further strengthened through yet another milestone collaboration for the industry.”
Mr. Haider Wahab, CEO-NIFT added, “NIFT ePay has gained good momentum and has started its journey towards digitalizing the ecommerce payments in Pakistan through partnerships with leading banks. We thank Bank Alfalah for their support in this journey and understanding the power of collaboration to bring change and add value to the market. We feel the industry is ready to embrace a change and are opening up to innovate and disrupt the payments space. NIFT is working on many new digital initiatives and would be looking at Bank Alfalah to continue its support towards these programs.”