A digital payment app called Foree, launched in Pakistan in May, will help boost the global cash economy, create tens of thousands of jobs in Pakistan, and enable foreign workers, especially in the Middle East, to pay money to use it. to vacate the house, said Pakistani business magnate and CEO of Foree application.
The government of Pakistan has recently launched a series of digital payment initiatives to promote financial inclusion and government revenue in a country where only a fraction of the economic transactions are on the books.
The government also wants to encourage private companies to help move away from a money-based economy.
Several private money transfer systems in the private sector are already available in Pakistan that do not require a bank account, e.g. Jazzcash from the telecommunications company Jazz and Easypaisa from the telecommunications company Telenor Pakistan.
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However, the Foree app is unique: users can merge all their bank accounts and cards into one app and seamlessly conduct domestic transactions at a marginal cost.
Users don't have to switch between different accounts when banking online, and the service is different from wallets, allowing for limited transaction options.
"Foree will be Pakistan's first online payment system," Murtaza Hashwani, vice president and CEO of Hashoo Group and now CEO of Foree, said.
"Our ambition is global. This will be rolled out regionally in the Middle East, and then we want to do it globally," he said, adding that about nine million Pakistanis abroad could help to van Foree, (immediately) to create a worldwide downloaded app.
Hashwani said the digital payment solution, regulated by the State Bank of Pakistan, would help foreign Pakistanis send cash directly to their homes through the app without the intervention of an agent or bank at a minimal cost.
“Wire transfers will be one of the biggest areas we focus on. For the Pakistani diaspora overseas, remittances have always been a challenge,” he added, saying the app would help individuals and businesses regulate cash payments.
The app also helps to increase ecommerce in the country and allows people to shop online from international brands and businesses through real-time payments.
The project was launched with a seed capital investment, Hashwani said, and future expansion will come through partnerships with other global companies and venture capitalists willing to invest in Pakistan.
Hashwani's family conglomerate, Hashoo Group, is already a major player in the hospitality and oil and gas industries. Foree's management estimates that the payment solution will help create at least 100,000 jobs in Pakistan and create businesses in the next two years, not only in cities but also in remote areas of the country.
As people don't care Can only travel with cash to make purchases. "Foree will create POS, more and more people will be able to trade cashless, even in remote villages,
" Hashwani said. "This will reduce cash on delivery and digitize the economy much more. This will create more jobs as more and more people can take money without actually making money.
" Speaking of the initiative's implementation process, Hashwani said it took a long time to get a license from Pakistan's state bank and integrate the app with the banks to ensure it worked smoothly. The state bank was "extremely supportive."
In a first step, the company is partnering with Meezan Bank, which has at least one million customers, to launch the app in Pakistan in May.
In terms of privacy and privacy for Foree users, Hashwani said all of the company's servers are in Pakistan to get a license from the central bank.
"Everything is here, so security is triggered that way and not compromised at all," he said. "We believe in easy, fast and secure digital payments for everyone and want to ensure this through strict controls."
