Digital payments in the nation are anticipated to gain from a partnership between financial platform NayaPay and digital payments and marketing platform Alipay+.
“By implementing QR codes compatible with both RAAST and Alipay+ payment partners, including e-wallets and bank apps, the partnership between NayaPay and Alipay+ is expected to have a major impact. This will improve incoming foreign exchange flows and integrate Pakistan’s cashless payment systems with those of other countries. The financial platform issued a statement saying, “This strategic alliance is specifically designed to streamline digital payments, tackling prevalent issues such as limited interoperability and elevated transaction costs.”
Through the collaboration, NayaPay—which is well positioned to serve companies of all sizes—will be able to offer a smooth connection with over 25 Alipay+ international payment partners. In total, over 1.5 billion customer accounts will gain from this partnership.
“This initiative ensures that transactions are not only efficient but also secure, marking a major step forward in the digitization of commerce in Pakistan.”
Businesses in Pakistan should be able to “transact seamlessly with global visitors through a low-cost and fast payment system” thanks to the cooperation.
“This initiative is in line with the State Bank of Pakistan’s vision for the nation’s economic advancement and digital evolution, setting a new benchmark in the region’s financial sector,” stated the statement.