Meezan Bank, Pakistan’s leading Islamic bank and PaySa, a fintech startup specializing in digital payments, have partnered to enable point-of-sale (POS) payment services to tap into the country’s booming digital payment ecosystem.
According to the agreement, PaySa would deploy POS terminals and grow Meezan’s merchant and retailer network as an independent sales organization, said a news release. In combination with PaySa’s next-generation business solutions, the bank will empower the country’s commerce by not only simplifying payments for merchants but also enabling real-time transactions. Shariq Mubeen, Chief Digital Officer of Meezan Bank said, “FinTech’s have immense potential in growing digital acceptance, especially with small merchants in Pakistan, and Meezan Bank is delighted to collaborate with PaySa in this space. We are confident that this alliance will help us in accelerating the deployment of the POS network while also delivering excellent services to all our customers Insha’Allah.”
Whereas, Ali Adnan, CFA/CEO & Co-Founder, PaySa said, “The strategic partnership between Meezan Bank and PaySa is expected to create synergies that will benefit the whole financial ecosystem of Pakistan. By combining their respective strengths, Meezan Bank and PaySa can offer innovative and seamless digital payment solutions that are fully compliant with Islamic banking principles, expand the digital payment ecosystem in Pakistan, reduce the reliance on cash transactions, and promote financial inclusion in the country.”
Source: IBP