Safepay, a Karachi-based fintech, said on Tuesday that the State Bank of Pakistan has approved it for pilot operations as a payment service operator/provider (SBP).
According to the fintech’s news release, the pilot clearance is the second stage toward obtaining a complete payment service provider license and was given based on Safepay meeting the SBP’s tough standards.
It went on to say that the approval will allow Safepay to continue onboarding merchants and grow its operations.
Safepay was the first Pakistani fintech to graduate from the famed US-based accelerator Y-Combinator, and it just secured another round of investment, after a round led by Stripe.
According to the press release, the new money would allow Safepay to “double down on the groundwork laid in developing a world-class staff, operations, and collaborations like this one with Cybersource.”
Since 2019, the firm has been active in the market, and its key product to merchants is a one-window solution that allows customers to pay online through the merchant’s website using their bank account, mobile wallet, and now, their Visa or Mastercard supported card.
To that purpose, Safepay announced a collaboration with Visa’s Cybersource.
“Card acceptance allows Pakistani retailers to accept payments from both domestic and foreign clients. This is backed up with a market-leading digital onboarding experience, simple technical connections, attentive customer support, and a robust reporting dashboard that allows small and big enterprises to track their payments “According to the press release.
Safepay co-founder Ziyad Parekh said the fintech was “eager” to see how its expanded service offerings may assist merchants develop their companies.
Meanwhile, Leila Serhan, Visa’s Group Country Manager and Senior Vice President for North Africa, the Levant, and Pakistan, stated that the collaboration with Safepay “enables us to ensure that merchants in Pakistan have access to high-quality security solutions such as fraud management, payment acceptance, and security.”
Safepay Chief Business Officer Iman Urooj stated that the pilot clearance will allow the fintech to increase the number of merchants.
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