Safepay, which is backed by Stripe, and Euronet Pakistan, a division of Euronet Worldwide (NASDAQ: EEFT) and an industry leader in processing secure electronic financial transactions, have agreed to offer comprehensive digital payment solutions to retail businesses and SMEs in Pakistan.
Safepay, as a regulated payment service provider (PSP) by the State Bank of Pakistan, enables businesses to provide appropriate digital payment options to their local and international customer base, whether through their website or other mediums.
“As Pakistanis move online to transact locally and internationally, online commerce is growing daily.” “The current local online payment experience, from merchant onboarding to transaction acceptance rates, is unacceptable for a truly digital Pakistan,” says Chief Business Officer Iman Urooj.
The agreement was signed in Karachi on April 6, 2022, by Kashif Gaya, CEO of Euronet Pakistan, and the founders of Safepay, Ziyad Parekh, and Raza Naqvi.
Euronet Pakistan will serve as Safepay’s e-commerce and card acquiring processor, as well as provide Safepay, eCommerce payment rails with Merchant Management Solution, allowing merchants to accept online card payments for their businesses.
Safepay, in partnership with Visa and Euronet, will provide secure payment solutions to businesses throughout Pakistan. Euronet will serve as a gateway between Safepay’s PCI-compliant payment solution and the global payment networks.
“We are excited to be selected as the technology processor by Safepay. We look forward to assisting them in playing a key role in the growth of the e-commerce market in Pakistan,” said Kashif Gaya, CEO of Euronet Pakistan.
“We look forward to a long-term partnership with Euronet, an industry leader in card processing in Pakistan,” said Ziyad Parekh, Co-Founder of Safepay.
“Through this partnership, Safepay will be able to offer multiple online payment options to merchants while Euronet’s tech infrastructure will manage overall card payments,” he added.