Stripe-backed Safepay and Euronet Pakistan, a division of Euronet Worldwide (NASDAQ: EEFT) and an industry leader in processing secure electronic financial transactions, have entered into an agreement to offer comprehensive digital payment solutions to retail businesses and SMEs in Pakistan.
Being a regulated payment service provider (PSP) by the State Bank of Pakistan, Safepay enables businesses to provide their local and international customer base with appropriate digital payment options whether via their website or other mediums.
“Online commerce is increasing day by day as Pakistanis are moving online to transact locally and internationally. The current local online payment experience ranging from merchant onboarding to transaction acceptance rates is unacceptable for a truly digital Pakistan,” says Iman Urooj, Chief Business Officer.
The agreement was signed on 6 April 2022 between Kashif Gaya, CEO Euronet Pakistan, and Founders of Safepay, Ziyad Parekh and Raza Naqvi, at a ceremony held in Karachi.
Under this partnership, Euronet Pakistan will act as Safepay’s e-commerce and card acquiring processor and will provide Safepay, eCommerce payment rails with Merchant Management Solution that will allow merchants convenient online card payments for their businesses.
Safepay in collaboration with Visa and Euronet will be offering secure payment solutions for businesses across Pakistan. Euronet will act as the processor between Safepay’s PCI-compliant payment solution and the global payment networks.
Kashif Gaya, CEO Euronet Pakistan, said, “We are excited to be selected as the technology processor by Safepay and we look forward to supporting them play a key role in the growth of the e-commerce market in Pakistan.”
Ziyad Parekh, Co-Founder of Safepay, said, “We look forward to a long-term partnership with Euronet, an industry leader in card processing in Pakistan.”
“This partnership enables Safepay to provide merchants with multiple online payment options while allowing Euronet’s tech infrastructure to manage overall card payments,” he added.