Global technology leader in information commerce 'First Data' has captured over 15 percent market share in Pakistan, with full range of payment card and loan processing services unique services, products, fraud and risk management and highly experienced people.
Khurram Gul Agha, Country Manager, First Data Pakistan, in an exclusive interview with Business Recorder said that after this success, now 'First Data' has planned to extend its business in Pakistan by developing new clients. He is also expecting that information commerce would be in high demand in the current economic climate.
Agha said that major changes in economic situations raise new opportunities for information commerce, especially where increased efficiency is required. "Therefore, we are very pleased with the strategic decision to open office in Pakistan and look forward to working with financial and retail partners throughout the country", he said.
"Now banks across the world are thinking creatively not only to manage liquidity crisis but also to improve operational efficiency, while 'First Data' successful business models offer both reduced costs and drive revenues for customers," he added.
"Having a full range of products, in a vast number of markets can only be of benefit, and we are working hard to analyse the situation so that we can take advantage of any opportunities arising in the current economic climate", Agha said.
Some studies on the current crisis also suggest that the current situation will bring an opportunity to banks to implement measures which have been postponed for too long but which are necessary to ensure their competitiveness at the regional and global level, he added.
"Our plan is to continue to grow our business presence across all our existing lines of business and keep supporting our existing clients, going forward," he added.
He said that 'First Data' is already providing a complete range of services to Bank Al-Falah and Allied Bank. "However, we are looking forward to developing clients further, as the office gets established and local institutions start to realise the potential benefits of working with First Data". First Data, global technology leader in information commerce, helps different businesses, such as merchants and financial institutions, to process electronic payment transactions across all modes of payments, safely and efficiently, he said.
With operations in 37 countries, First Data serves more than 5.4 million merchant locations and more than 2,000 card issuers and their customers across the world, he added.
First Data opened its office in Karachi in August 2008 with full range of payment card and loan processing services, merchant acquiring solutions, ATM and point-of-sale management, fraud and risk management to Pakistan's financial institutions, Agha said.
He said that entry in the fast growing Pakistan market reflects First Data's strategy of developing local presence in major markets around the world to deliver its global payment solutions.
Talking about the rising fraud cases in the financial sector, he said that First Data has a full suite of fraud solutions which are tried and tested across the world.
"Our comprehensive range of solutions provides fraud detection and prevention services at every stage of the payments life cycle from application, activation, authentication and pre-transaction, through to transaction and beyond", he added.
In addition, First Data also provides a comprehensive suite of operational fraud services designed to deliver early detection of potential fraud events and to minimise customer inconvenience. Agha said that like any economy in the world, people in Pakistan would be looking for payment mechanisms that are convenient, accessible and secure. Therefore, First Data is expecting better achievement in Pakistan.
Confidence should also be gained from the fact that First Data processes more payments globally than any other provider, with 33.9 billion global merchant transactions in 2007, across 66 countries, enabling customers to efficiently gather, integrate and understand transaction data across payment types and regions.
"We have also 27,000 experts employed world-wide including professionals based in Pakistan who are aware of local requirements. So, the in-house knowledge is at hand to provide solutions to all issues", he added.
He said that considering the comprehensive range of flexible payment processing and consumer finance outsourcing solutions, First Data has a wide range of audiences but in the main these can be characterised as financial institutions, banks and retailers.
"Our wide range of tailored solutions enables us to provide a single source for payment processing virtually anywhere and any format as determined by our customers," he added.
He said that in the recent global financial crunch, First Data with unique services, products and highly experienced people, is well positioned to cope with any changes in the economy in the short and long terms.