Pakistan (Muhammad Yasir) In a ground-breaking move, Daraz, Pakistan’s leading e-commerce platform has teamed up with global payments technology company Visa to introduce co-branded cards for e-commerce usage. This strategic alliance is set to transform the online shopping landscape in Pakistan for consumers by leveraging Daraz’s dedication to a secure and user-friendly digital shopping environment and Visa’s advanced technological solutions.
The introduction of these co-branded cards aims to enhance the online shopping experience and marks a significant stride in increasing financial inclusion across Pakistan. Daraz, with its vast user base of 34 million monthly active users, is uniquely positioned to facilitate access to banking services, helping to pivot the nation towards a more cashless economy. This initiative is a significant leap forward in making digital commerce more accessible, secure, and rewarding for Pakistani consumers, aligning with the country’s vision of a digital-first economy.
These innovative cards will come loaded with exclusive benefits including discounts, shopping offers and privileges to access selected services. As with all Visa cards, consumers will enjoy secure, quick, and seamless transactions. A key base for this solution are consumers who still rely on cash-on-delivery payment options as they will now be able to enjoy simplified processes and digital onboarding that will ultimately provide them a more secure and convenient online shopping experience.
“This launch marks a significant milestone for Daraz and the digital landscape of Pakistan. Our partnership with Visa to launch the co-branded cards reinforces our commitment to enhancing the online shopping experience for our customers. It is not just about introducing a new payment solution; it’s about bridging the gap between traditional and digital commerce, fostering financial inclusion, and driving Pakistan towards a more digitized, cashless future. We are thrilled to be at the forefront of this digital revolution, bringing convenience, security, and exclusive benefits directly to our customers’ fingertips.” stated Ehsan Saya, Managing Director, Daraz Pakistan.
“With the year 2023 projected to see Pakistan’s e-commerce market reaching a revenue of US$2.1 billion, up from $1.2 billion in 2018, we are at the cusp of a digital revolution. By 2021, the market had already hit US$4.2 billion, ranking Pakistan 46th globally in this field. Yet, compared to the worldwide e-commerce scene, Pakistan’s market share remains modest, suggesting ample space for expansion. Our co-branded card with Daraz is strategically designed to tap into this potential. It will offer convenience and value to the growing online shopper demographic in the country and serves as a tool for financial inclusion, enabling more citizens to participate in the digital economy. We believe this initiative will both contribute to the growth of online shopping and also help in driving financial inclusion in Pakistan. This is a significant step towards Visa’s commitment to ensuring that digital payments benefit everyone, everywhere.” Said Umar S Khan, Country Manager for Pakistan and Afghanistan, Visa.