NayaPay partners with Alipay+ to enhance digital payments in Pakistan

January 24, 2024 (MLN): NayaPay, a rapidly growing financial platform, has partnered with Alipay+ to streamline digital payments, tackling prevalent issues such as limited interoperability and elevated transaction costs, said a press release issued today.

Alipay+ is a cross-border digital payments and marketing platform operated by Ant International.

The collaboration between NayaPay and Alipay+ is set to make a significant impact by deploying QR codes compatible with both RAAST and Alipay+ payment partners, including e-wallets and bank apps, thereby enhancing incoming foreign exchange flows and integrating the cashless payment systems of global markets and Pakistan.

Through this partnership, NayaPay is well-positioned to provide Pakistani businesses of all sizes, particularly SMEs, with a seamless connection to more than 25 Alipay+ global payment partners, which reaches a total of more than 1.5 billion consumer accounts, in addition to RAAST.

This initiative ensures that transactions are not only efficient but also secure, marking a major step forward in the digitization of commerce in Pakistan.

Furthermore, this partnership is anticipated to empower businesses in Pakistan to transact seamlessly with global visitors through a low-cost and fast payment system.

This will foster documented and cashless trade and tourism between the two countries, it said.

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.

About Alipay+

Alipay+ is a suite of cross-border digital payment, marketing and digitalization solutions that help connect global merchants to consumers.

Consumers enjoy seamless payment and a broad choice of deals using their preferred payment methods while traveling abroad.

Small and medium-sized businesses may use Alipay+ digital tools to enhance efficiency and achieve omni-channel growth.

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