Pakistan (Muhammad Yasir)
Paymob, the leading financial services enabler in the Middle East, North Africa and Pakistan (MENA-P) and Pakistan’s largest interbank network, 1LINK, have announced a partnership agreement to power instant online payouts for merchants registered with Paymob via 1LINK’s payment infrastructure, with Bank Alfalah Ltd. serving as its settlement bank.
This partnership represents a unique and novel offering to merchants in Pakistan by creating an end-to-end digital payments acceptance mechanism integrated with Paymob’s exclusive payout solution suite. To this effect, merchants will be able to instantly transfer funds via Paymob’s platform directly into any 1LINK member/bank account across Pakistan. This process equips merchants to make swift payments to their vendors and suppliers, thereby digitizing cash payments in their supply chain. Additionally, Paymob merchants will be able to pay utility companies, telecom operators, and numerous other businesses via 1LINK.
Mr. Najeeb Agrawalla, CEO 1LINK commented, ‘‘We are pleased to onboard Paymob to facilitate their merchants for swift and secure payment and settlement – yet another step to strengthen the merchant network. This strategic partnership will allow a one window solution to Paymob merchants for sending payments domestically. This business proposition will promote cashless payments for Paymob App users thus contributing towards the digital ecosystem. We look forward to a long-term partnership with Paymob in future.”
Speaking at the occasion, Fawad Abdul Kader, Paymob Country Manager in Pakistan commented, “Partnering with 1LINK unpacks the digital payment infrastructure for Paymob to create use cases for smooth enablement of financial services for our merchants. It will provide us with access to 1LINK’s expansive network of banks/members and services that will open up possibilities for further alliances and strategic synergies to digitize unique use cases. We are optimistic that this distinct feature will change the way merchants view the digital payment acceptance and payments landscape within their business offering.”
Democratizing the merchant’s payment acceptance and payouts journey as one seamless experience advances the State Bank of Pakistan’s goal of enhancing the digital ecosystem in the country. As MENA-P’s fastest-growing fintech, Paymob is committed to enabling SMEs and entrepreneurs to take control of growing their businesses by providing a 360-solution suite. This strategic partnership between 1LINK and Paymob will further widen the spectrum of financial inclusion and developing digital-first solutions in the country.