Egyptian digital payment provider Paymob plans to roll out their services into Pakistan, as per Bloomberg reports.
Islam Shawky, CEO and co-founder of Paymob announced that the company aims to have 100,000 merchants in Pakistan in its first two years. “Our focus is on small and medium-sized businesses, which are a cornerstone of the economy but are underserved.
There is a big gap in emerging markets," Shawky said. Omar El Gammal, vice president of global business development at Paymob, noted that the company also plans to enter Oman, Saudi Arabia and the United Arab Emirates this year.
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“From Morocco to Pakistan, this is the area we want to claim. We want to fulfill our promise to serve SMEs in this region,” added El Gammal.
Pakistan is ranked as the world's 5th largest market for professional services serving local and international customers without sufficient local digital payment resources.
Paymob can support sole proprietors and micro-enterprises with payment links, soft POS solutions, and funds to manage their payments and scale their business.
Paymob aims to make a rapid impact on the ecosystem by providing SMEs in Pakistani cities with online and physical digital finance solutions to manage and grow their business.
Paymob's advanced technology enables instant onboarding for the first time in Pakistan using products such as Payment Gateways, POS and Soft POS.
Instant onboarding is powered and enabled by the Digital Onboarding Regulations recently issued by the State Bank of Pakistan. This is one of many positive steps State Bank has taken to empower MSME traders and help digitize the ecosystem.
Paymob also plans to expand its "push-to-phone" payment acceptance service - a recently announced industry first in Egypt in partnership with MasterCard - to Pakistani merchants. This allows merchants to use mobile phones directly for payments. This is likely to have a significant impact on the Pakistani market.
