ISLAMABAD: NayaPay, a rapidly growing financial platform, has partnered with Alipay+, 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.

This strategic alliance is specifically designed to streamline digital payments, tackling prevalent issues such as limited interoperability and elevated transaction costs.

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.

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.

Copyright Business Recorder, 2024