Meezan Bank and NayaPay Join Hands to Accelerate Digital Payments in Pakistan
A Memorandum of Understanding (MoU) was signed between Meezan Bank Limited and NayaPay Pvt Ltd. on the 14th of November 2018. The agreement forms the basis of a strategic partnership between the two organizations to provide innovative, technology-based payments in Pakistan.
NayaPay aims to introduce a robust payment services platform to enable merchants and consumers to sign up, transact and communicate cheaply, securely and conveniently. NayaPay believes there is a significant gap between consumer expectations and financial services currently available—and the company intends to address these shortcomings with a home-grown platform with best in class components to make payments frictionless and safe while ensuring compliance to local and global regulatory frameworks and strictly adhering to anti-money laundering and countering financing of terrorism guidelines.
NayaPay is an applicant for the PSP/PSO license issued by the State Bank of Pakistan. The NayaPay platform responds to customers’ security concerns by implementing international best practices and standards, including ISO/IEC 27001:2013 and PCI-DSS 3.2. Equally importantly, the company is deploying world renowned technology solutions for KYC, AML/CFT and AI based fraud detection – all hosted within Pakistan.
Speaking at the signing ceremony, Mr. Danish Lakhani, CEO NayaPay (Pvt.) Limited, said: “We at NayaPay hold the firm conviction that Pakistan needs a robust, local payment service that provides similar user conveniences to and has as profound an impact on the transaction economy as those which PayPal, Venmo, AliPay and WeChat Pay have on their native markets. In fact, we believe that a mobile-app based, low cost and secure digital payments platform is an important pillar of any digitally inclusive society and will enable a range of new services that previously were too expensive or accessible only by a small segment of Pakistani society”.
Further he added, “the NayaPay digital payments platform will bring greater transparency to the economy. We are also building this platform from the ground up using best in class components to address global challenges associated with money laundering and financial fraud. Finally, it is our firm view that Pakistan has rich human capital required to operate, scale and develop many of the components within Pakistan and there is absolutely no reason we cannot match and — in many ways – exceed the success of PayTM in India and bKash in Bangladesh among others.”
Mr. Ariful Islam, Deputy CEO of Meezan Bank, said: “We are delighted to partner with NayaPay which is all set to introduce exciting innovations in the payments space aimed at making payments easier and faster for the customers while expanding payments ecosystem with the inclusion of new segments and use cases. We wish NayaPay all the very best.”