In order to achieve this, businesses will be able to instantly transfer money through the Paymob platform into any Pakistani bank account or 1LINK member.
The largest interbank network in Pakistan, 1LINK, and Paymob, the leading financial services enabler in the Middle East, North Africa, and Pakistan (MENA-P), have announced a partnership agreement to power instant digital payments for merchants registered with Paymob via 1LINK’s payment infrastructure. Bank Alfalah Ltd. will serve as the partnership’s settlement bank.
By establishing an end-to-end digital payments acceptance mechanism integrated with Paymob’s unique payout solution suite, this partnership provides retailers of Pakistan with a distinctive and innovative service.
In order to achieve this, businesses will be able to instantly transfer money through the Paymob platform into any Pakistani bank account or 1LINK member.
This procedure enables businesses to quickly pay their vendors and suppliers, digitising cash payments throughout their supply chain. Additionally, Paymob merchants will be able to use 1LINK to make payments to telecom operators, utility companies, and numerous other companies. “We are pleased to onboard Paymob to facilitate their merchants for swift and secure payment and settlement – yet another step to strengthen the merchant network,” said Mr Najeeb Agrawalla, CEO of 1LINK.
Through this partnership, Paymob merchants will have access to a single point of contact for sending domestic payments. This business idea will encourage cashless transactions for Paymob App users, strengthening the online economy. We anticipate working with Paymob on a long-term basis in the future.
Fawad Abdul Kader, Paymob’s country manager for Pakistan, made the following statement during the event: “Partnering with 1LINK unpacks the digital payment infrastructure for Paymob to create use cases for smoothly enabling financial services for our merchants.”
“By giving us access to 1LINK’s extensive network of banks, members, and services, we will be able to create new strategic alliances and synergies to digitise specialised use cases. We are hopeful that this special feature will alter how retailers view the landscape of accepting digital payments into their product or service.”
The State Bank of Pakistan’s objective of improving the digital ecosystem in the nation is advanced by democratising the merchant’s payment acceptance and payouts journey as a single seamless experience. Paymob is dedicated to empowering SMEs and entrepreneurs to take control of growing their businesses by offering a 360-solution suite.
Paymob is the fastest-growing fintech in MENA-P. Through their strategic alliance, 1LINK and Paymob will broaden the country’s efforts to promote financial inclusion and create digital-first solutions.