Financial platform, NayaPay has partnered with digital payments platform Alipay+ to boost global payments into Pakistan.
The collaboration is aiming to streamline digital payments by increasing interoperability and reducing transaction costs. It is also looking to enhance foreign exchange flows by deploying QR codes compatible with both RAAST and Alipay+ payment partners, including e-wallets and bank apps.
This initiative, which is in line with the State Bank of Pakistan’s vision for the nation’s economic advancement and digital evolution, will enable local SMEs to connect with more than 25 Alipay+ global payment partners, reportedly reaching more than 1.5 billion consumer accounts, in addition to RAAST.
Additionally, it is expected to help businesses in Pakistan to transact more seamlessly with global visitors through a low-cost and fast payment system, improving documented, cashless trade and tourism between the two countries.
The Alipay+ payment solution was also introduced by Dubai Duty Free, earlier this month, to cater to international visitors at duty-free stores at Dubai and Al Maktoum International airports.
It means that consumers from South Korea, Singapore, the Philippines, Thailand, Mongolia, Italy as well as Chinese mainland, Hong Kong and Macao are now able to access promotions and pay with their home digital apps at both locations.
