OP Digital Services Pvt Ltd. (OPay), a Soft-Bank backed fintech, has entered into an agreement with Euronet Pakistan to rapidly develop the local payments ecosystem, accelerate the turnaround of a cash-based economy into the digital payments retail economy, and create a financially inclusive Pakistan.
OPay plans to deploy over 100,000 smart POS devices in Pakistan which will equip the local merchants to accept all kinds of payments and offer value-added services to both cards based and cash-based customers.
Being a global leader in electronic payment processing, Euronet will drive and process transactions through OPay POS terminals and act as a transaction processing hub and a gateway for all international payment schemes.
In addition, OPay will also use Euronet payment rails to offer value-added services such as Bill Payments, Mobile Top-Ups, and Cash/Card Based transfers to merchants and customers using its smart POS devices.
The entire solution will be hosted on Euronet’s PCI compliant application and infrastructure in its data center facilities in Pakistan and will offer guaranteed service levels and processing uptimes that will help OPay to scale, optimize, and fast track the rollout of services.
The signing ceremony held at Lahore was attended by Qaiser Sheikh – Director Partnerships, OPay, Kashif Gaya – CEO Euronet Pakistan, Sobia Islam – Head of Human Resources, OPay, Raza Hassan – Manager Legal, OPay, Dawer Khan – Head of Implementations & Customer Services, Euronet Pakistan, and Abdullah Maqsood Khawaja – Manager Corporate Partnerships & Alliances, Euronet Pakistan.
Speaking at the occasion, Qaiser Sheikh, Director Partnerships, OPay, stated, “Euronet is the leading technology provider of POS acquiring in Pakistan with an extensive, scalable and the most sophisticated POS driving platform. We see Pakistan as the most important market with a great potential to digitize the economy and we look forward to leveraging their expertise and strong market footprint to drive our financial inclusion strategy.”
Kashif Gaya, CEO Euronet Pakistan, said, “We are pleased to be selected as a technology partner by Opay to play a key role in its massive financial inclusion program. This collaboration is a steppingstone towards the acceleration of technology inclusion and will facilitate POS aggregation and digitization of retail payments. We look forward to this long-term strategic partnership and support OPay in developing a comprehensive digital payments ecosystem.”