Visa aims to significantly increase the number of businesses accepting digital payments in Pakistan within the next three years, partnering with 1Link to streamline remittances and promote financial inclusion.
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| Pakistan's unbanked population presents a significant opportunity for digital payments. Visa is investing in building digital payment infrastructure to make transactions more accessible and affordable. Symbolic image |
Karachi, Pakistan - 11, 2024:
Visa, the global payments technology company, has set an ambitious goal of increasing the number of businesses accepting digital payments in Pakistan tenfold within the next three years. This strategic move aims to revolutionize the country's payment landscape and promote financial inclusion.
The announcement comes as Visa partners with 1Link, Pakistan's largest payment service provider, to streamline remittances and encourage digital transactions. The partnership aligns with Pakistan's government's efforts to digitize the economy and promote financial inclusion.
With a large unbanked population, Pakistan presents a significant opportunity for digital payments. Visa's investment in building digital payment infrastructure aims to make digital transactions more accessible and affordable for businesses and consumers alike.
The company plans to significantly increase the number of point of sales (POS) machines in the country, expanding beyond large cities and mainstream businesses to include smaller merchants. By leveraging technology that transforms phones into payment instruments and accepting various forms of payment, Visa aims to make digital payments more convenient and user-friendly.
The partnership with 1Link will also streamline the process of sending and receiving remittances, ensuring secure and efficient transactions. This is particularly important for Pakistan, which relies heavily on remittances from overseas Pakistanis.
The collaboration with 1Link will also enable PayPak cards, a competitor in the digital payments space, to be accepted on Visa's Cybersource Platform for online transactions. This move demonstrates Visa's commitment to fostering a competitive and inclusive digital payments ecosystem.
Visa's efforts to promote digital payments in Pakistan are in line with the government's digitization agenda and its $7 billion bailout deal with the International Monetary Fund. By increasing the adoption of digital payments, Visa aims to contribute to Pakistan's economic growth and development.
The company's ambitious goal of a tenfold increase in digital payment acceptance within three years is a significant step towards transforming Pakistan's payment landscape. If successful, this initiative will have a profound impact on the country's economy and financial inclusion.