Paymob, digital payments provider, announces its formal market entry and start of operations in Pakistan. Paymob’s expansion into Pakistan follows its rapid growth in Egypt, Jordan and Kenya, where combined it services tens of thousands of merchants.
Paymob’s market opportunity in Pakistan is significant as it has a population of over 220 million with a range of retail outlets and SME businesses across the country’s cities. Over four million SMEs use just over 80,000 POS terminals and less than 3,000 e-commerce gateways.
Paymob aims to impact the ecosystem by empowering MSMEs across all Pakistani cities with online and physical digital financial solutions, to manage and grow their businesses. Paymob’s advanced technology offers instant onboarding features using products such as Payment Gateways, POS, and Soft POS.
Paymob also plans to extend its Tap-on-Phone payment acceptance mechanism service to Pakistan merchants. This will give merchants the ease to use mobile phones directly to service payments.
“We are very excited to be launching Pakistan. This comes as an essential step after our successful journey in leading the Egyptian payments landscape where we enable over tens of thousands of merchants with innovative financial solutions. Paymob operates with a concrete belief that SME’s are the corner stone of every economy and enabling them automatically reflects on the country’s digital economy,” Islam Shawky, CEO and co-founder of Paymob, said.
Paymob’s market entry has also been welcomed by Mastercard who recognize Paymob as an ideal partner to build Pakistan’s payment ecosystem and make a material impact on the country’s digital payments transformation.
“Paymob’s commitment to building the payments ecosystem is a very encouraging sign for Pakistan. In Paymob, Mastercard and the financial services industry in general will have the right partner to help build a network of digitally enabled merchants accepting non-cash payments. We look forward to the day where digital payments are ubiquitously accepted,” Atyab Tahir, Country Head of MasterCard Pakistan & AFG, stated.
Established in 2015, Paymob offers different products and APIs, enabling online businesses and typical offline store merchants to accept and send payments. Merchants can easily integrate Paymob’s payments APIs in their websites or mobile apps to accept payments from their customers using different payment methods including cards, mobile wallets, BNPL, direct debit, and more.
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