KARACHI: The SPA brings together VISA the world’s leader in digital payments with its network of networks strategy and VRG technological innovation, in particular incorporating SBP and PTA’s nearly 9 million in their innovative Asaan Mobile Account (AMA) Scheme to help empower the digitization of payment services in Pakistan and VISA’s Central Europe, Middle East and Africa (CEMEA) Region.
The VISA and VRG partnership seeks to address the World Bank and Pakistan’s “National Financial Inclusion Strategy” (NFIS) initiative in addressing the specific financial needs and preferences of the local population particularly women, in tailoring digital payment solutions to match the diverse demands of Pakistan and VISA’s CEMEA region.
This innovative strategic collaboration is a step towards driving digital transformation across the government sector in support of Pakistan’s cashless future agenda.
The aim is to emphasize the importance, particularly in emerging markets, of financial inclusion and women empowerment while providing financial institutions and their customers with more choices when making payments while improving the end-to-end speed, transparency and better customer experience.
The SPA primarily focused on streamlining fragmented aspects of the financial ecosystem using the technological strengths of both entities. By leveraging VISA’s global reach and VRG’s understanding of the local market dynamics, showcased on World Economic Forum’s (WEF) SPOTLIGHT DAY by its EDISON ALLIANCE recently, the agreement intends to bring more individuals and businesses into the formal financial system by integrating VISA’s payment infrastructure and technologies with VRG’s innovative financial products and services with a customer-centric approach. This seamless and efficient VISA and VRG’s digital payment ecosystem will ultimately benefit consumers and businesses throughout Pakistan and VISA’s CEMEA Region.
Copyright Business Recorder, 2023
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