Payments News

On The Web

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Global

Karandaaz Offering Grants for Digital Financial Services in Savings, Insurance

“Karandaaz Pakistan is accepting applications from commercial banks, branchless banks, PSO/PSPs, Fintechs, non-banking financial institutions and entities that primarily focus on the excluded segments of the population, to apply for grants to scale up their pilots that generate new financial use-cases for digital channels. Two categories that have been defined for this set of grants […]
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Global

Pakistani Province Plans to Build Pilot Crypto Currency Mining Farms

“The Pakistani province of Khyber Pakhtunkhwa is planning to build two hydroelectric-powered pilot “mining farms” to capitalise on a bullish global cryptocurrency market, a minister overseeing a new government crypto policy told Reuters on Wednesday. The announcement comes as cryptocurrencies are gaining mainstream acceptance, with Bitcoin’s price reaching record levels as investors such as Elon […]
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Deals

Pakistani Fintech Safepay Raises Seed Funding From Stripe, Others

“Karachi-headquartered fintech Safepay has raised seed funding from global financial technology platform company Stripe. The startup did not share the exact size of the deal but has told us that it’s a seven-figure (USD) amount alongside participation of other local and international investors.”
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Global

Digital Payments Provider i2c Granted Approval by State Bank of Pakistan to Serve As Electronic Money Institution

“i2c, a digital payments and banking technology provider, has revealed that it was selected to develop Pakistan’s TAG, which is described as a “digital-native” financial app. i2c is the latest Fintech firm in the country to be granted approval by the State Bank of Pakistan (SBP), the nation’s central bank, to operate as an Electronic […]
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Global

Pakistan Government Announces New Instant Digital Payment System

“Pakistan has announced a new government-run instant digital payment system in a bid to boost financial inclusion and government revenue in the country where only a fraction of economic transactions occur on the books. The new system, called “Raast” or “direct way”, will be rolled out in three phases culminating in early 2022, officials from […]
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Domains

Karachi based Fintech Safepay Plans to Become “the Stripe of Pakistan” after Receiving Support from Y Combinator

“Pakistani Fintech firm Safepay recently received an investment from Y Combinator and it’s now planning to become “the Stripe of Pakistan.” Karachi-headquartered Safepay has notably become the first Pakistani Fintech to complete Y Combinator’s program for startups. The company was reportedly a part of YC’s S20 batch and recently graduated. It has also secured $150,000 in capital.”
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Domains

NIFT signs MoU with Checkout.com for int’l payment methods

“NIFT and Checkout.com sign a Memorandum of Understanding (MoU) for collaboration between both entities, bringing greater payment optionality to the Pakistan market. The agreement enables both organisations to provide payment services through each other’s infrastructure, pursue commercial opportunities as a partnership. This strives towards a borderless experience for business and consumers alike, promoting digital payments […]
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Global

‘Almost all’ Pakistani banks hit by hackers

“FIA director Mohammad Shoaib told local media about the breach shortly after cybersecurity firm Group-IB warned that a dump of Pakistani credit and debit card details has been doing the rounds of carder forums. According to Geo News, six banks have suspended the use of their debit cards outside of Pakistan. Last week, hackers got away […]
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Global

The need to digitise the economy

“PAKISTAN has been undergoing a digital shift for some years now which has changed the way people shop, pay bills, order cabs, buy cinema tickets, book hotels, do grocery shopping and dine outside.”
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Global

State Bank of Pakistan sets new rules for electronic funds transfer

“The State Bank of Pakistan (SBP) on Wednesday unveiled new guidelines for electronic funds transfer to ensure consumer protection and payment transparency.The guidelines define how customers should electronically access their bank accounts for fund transfer, using automated teller machines (ATMs), internet and mobile devices. The regulations will be effective from October.”