NayaPay is a fast growing digital payment company that has joined the Visa Fintech Fast Track program, speeding up their integration process with Visa and enabling NayaPay to leverage the reach, capabilities, and security of the Visa global payments network. Through the Fast Track program, NayaPay has access to Visa’s growing partner network, technology and resources to accelerate innovation in digital payments in Pakistan.
The Visa Fintech Fast Track program allows both new and established businesses to leverage the speed, security, reliability and scale of the Visa network to get up and running quickly, taking the process from months to weeks. The program provides turnkey access to Visa’s ecosystem partners, online licensing, APIs, as well as extensive go-to-market toolkits, online education and expert advice to help Fintechs scale their business.
This partnership will allow NayaPay consumers and merchants can use their NayaPay Visa debit card to perform online and in-store transactions with millions of retailers worldwide as well as withdraw cash conveniently at any ATM location. This will also allow customers to potentially scan VISA merchant QR codes to make payments directly through their app.
According to their website, “As an E-Money Institution, NayaPay will enable customers to open E-Money wallets and make hassle-free digital payments to each other and to businesses. We have partnered with leading banks, PSOs and agent networks to provide users convenient options to load their wallets, make purchases and pay bills. Users may access their funds through the NayaPay app or associated debit card, accepted at thousands of ATMs and retailers across Pakistan.”
NayaPay will also be leveraging Visa Direct to simplify cross-border money transfers for freelancers and other Pakistan based businesses working with international clients, and households receiving remittances from their families abroad. Users will be able to accept funds instantly and directly into their NayaPay wallets from over a billion Visa cards across the globe.
“We are committed to helping fintechs achieve their potential – enabling big ideas to flourish and supporting them through the reach, scale and security of the Visa network,” said Kamil Khan, Country Manager, Pakistan, Visa. “We have strategically evolved both our platforms and how we work with partners and customers to encourage a broadening of the fintech ecosystem globally and are excited by the opportunities and new use cases the NayaPay partnership will enable in Pakistan. Our work with NayaPay is a stepping stone in that evolution and we look forward to further supporting them on their journey.”
Danish Lakhani, CEO NayaPay, said: “We are delighted to have found a partner in Visa that shares our goals of making financial services simpler, more convenient and accessible to Pakistani users – the needs of whom have been overlooked for far too long. Over the past few months, we have been integrating Visa’s offerings to reinforce our issuing and acquiring capabilities and to deliver on our promise of becoming a part of citizens’ daily lives.”
“By joining Visa’s Fintech Fast Track program, exciting fintechs like NayaPay gain unprecedented access to Visa experts, technology, and resources,” said Otto Williams, Vice President, Strategic Partnerships, Fintech and Ventures, CEMEA at Visa. “The Visa Fintech Fast Track program lets us provide new resources that rapidly growing companies need to scale with efficiency. We’re delighted to welcome NayaPay into our program and look forward to working with them on their payment solutions that will transform financial inclusion in Pakistan.”
NayaPay is a home-grown E-Money Institution with a clean slate and a strong background in technology unlike many of its competitors. Therefore, it is uniquely positioned to become much more pervasive than the competition and drive innovation forward.