NayaPay Partners With Alipay to Offer Money Transfer Services

Staff Report

NayaPay partners with Alipay to offer money transfer services.

NayaPay, a Pakistani financial platform, has entered into a partnership with the international entity “Alipay” to offer money transfer services and e-wallets, along with bank apps.

This collaboration aims to facilitate incoming foreign exchange flows and integrate cashless payment systems between global markets and Pakistan.

NayaPay customers can utilize QR codes that are compatible with both RAAST and Alipay payment partners.

The partnership is specifically tailored to enhance the efficiency of digital payments, addressing issues such as limited interoperability and elevated transaction costs.

Following this collaboration, NayaPay is now positioned to provide seamless connections to over 25 Alipay global payment partners, reaching a total of more than 1.5 billion consumer accounts, in addition to RAAST.

NayaPay emphasizes that this initiative ensures not only efficiency but also the security of transactions, marking a significant advancement in the digitization of commerce in Pakistan.

The partnership is expected to empower businesses in Pakistan, especially SMEs, to transact seamlessly with global visitors through a low-cost and rapid payment system, according to the statement.

This initiative aligns 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.

NayaPay, being the first e-money institution in Pakistan, is a fintech platform that empowers underserved consumers and SMBs by providing better access to financial services.

Pakistani consumers can open a NayaPay wallet on their smartphones, enabling them to make everyday payments, send and receive money, split bills, and more.

Additionally, NayaPay offers access to business accounts, universal payment acceptance, and powerful financial management tools with an easily accessible e-money account and Visa debit cards.

It is essential to note that NayaPay is authorized and regulated by the State Bank of Pakistan as an Electronic Money Institution. Govt Sets Up Telecommunication Appellate Tribunal

Meanwhile, Alipay, developed and operated by the ‘Ant Group,’ a subsidiary of Alibaba Group, is a third-party mobile and online payment platform that originated in China in 2004 and has since become one of the most popular payment platforms in the country.