Visa (NYSE: V), the world’s leader in digital payments, has signed a Memorandum of Understanding (MoU) with Khazana Enterprise, a cloud-native technology provider for the Government of Pakistan, in a strategic step towards driving digital transformation across the government sector in support of Pakistan’s cashless future agenda.
The MoU included a number of offerings including best practices between Visa and Khazana, which is serving leading government technology providers and various other government organizations for the provision of products and services across government entities, to boost the digitization of government collection and disbursement processes.
Paving the way for long-term cooperation, the MoU brings together Visa’s network of networks strategy and Khazana Enterprise’s technological innovation to help empower government entities, and small and medium businesses (SMBs), fuelling economic growth with the power of digital payments. The MoU is set to reinforce the collective objectives of both Visa and Khazana, expanding access to financial tools and knowledge for the advancement of financial inclusion.
Leila Serhan, Visa’s Senior Vice President and Group Country Manager for North Africa, Levant, and Pakistan said: “At Visa, we support companies that develop solutions to power seamless money movement. We are pleased to partner with Khazana Enterprise to digitize government payments, accelerating the move to digital in line with our commitment to financial empowerment and the Government of Pakistan’s steady progress towards a cashless economy. We are confident that the convergence of Visa’s deep payments expertise with Khazana’s innovative technology will create limitless possibilities for the benefit of consumers and businesses across Pakistan, who are increasingly favoring digital payment options.”
Svyatoslav Senyuta, Head of Visa Government Solutions, CEMEA said: “eGovernment platforms are simplifying how citizens and businesses interact with many government departments and ministries. I am super excited that our engagement with Khazana can lead us on the transformational journey of service delivery to be efficient and convenient public services and their transition to an online environment improving citizen experience in Pakistan. Visa will support the Khazana for all the extended support in terms of best practices, global case studies, and proven architecture for the implementation of enabling digital gov ecosystem so that citizens and businesses pay and get paid with a great user experience.
Shafique U Rehman, Director, and Chef Revenue Officer said: “Leveraging public-private partnerships to bring government payments into the digital age, Visa and Khazana Enterprise aim to set the stage for electronic disbursements, facilitating making or receiving payments to or from the government. By better-integrating services and payments, the companies also seek to enhance the entire journey of applying for benefits, as more government entities in Pakistan adopt an omnichannel approach.”
Ahsan Rasheed Khan, Khazana Enterprise’s Chief Commercial Officer said: “We are excited to start this journey with Visa and lay the foundation step in our partnership for automating government-based payments. We are on a mission to democratize payments services & infrastructure for Pakistan’s government sector by providing agile, innovative, and highly secure solutions & services to make this a reality. This partnership will leverage on the vast Visa expertise for providing innovative payment solutions bringing inclusivity across all government-related payments for the end consumer”.