Payments News

On The Web

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Domains

State Bank Eases Cross-border Commercial Payments

“The State Bank of Pakistan (SBP) has facilitated the making of commercial payments abroad through a number of ways on account of services availed by the local as well as foreign companies operating in the country. The central bank on Thursday said it had changed foreign exchange instructions pertaining to commercial remittances aimed at ease […]
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Global

Pakistan Startup to Offer Financial Services Post Fund Raise

“TAG Innovation Pvt. will start offering financial services this month in the world’s fifth most populous nation where 70% of adults don’t have a bank account. The Islamabad-based fintech startup will launch with a limited number of customers and will start commercial operations in two to three months after it gets central bank approval, Chief […]
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Global

PM Khan to Launch Ehsaas’ Mobile Saving Wallets Initiative

“Prime Minister, Imran Khan will visit an Ehsaas Kafaalat payment site in Islamabad to inaugurate the Ehsaas Saving Wallets (Ehsaas Bachat Bank Account) initiative. According to a press release issued here Sunday, the financial and digital inclusion of seven million households is one of the seven overarching goals of the Ehsaas Strategy. Ehsaas Saving Wallets […]
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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.”

On The Wires

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Global

JazzCash and Mastercard Introduce New Solutions to Transform Pakistan’s Digital Payment Ecosystem | Middle East/Africa Hub

“Pakistan’s leading mobile account provider, JazzCash, in collaboration Mastercard, is strengthening the country’s digital payments ecosystem. JazzCash users will now be able to apply for a physical or virtual Mastercard Debit Card and make payments to merchants accepting Mastercard QR payments. The new Mastercard Debit Card will be available to all JazzCash users via a […]