Source: Business Recorder
KARACHI: JazzCash, Pakistan’s leading digital financial services platform, has announced plans to expand its footprint in the Gulf region as part of its strategy to streamline cross-border payments for Pakistani users.
Speaking at Money20/20 Asia, Murtaza Ali, President of JazzCash, unveiled a strategic partnership with du Pay, a UAE-based financial services provider. This collaboration enables seamless cross-border transactions through Western Union, allowing Pakistani nationals residing in the UAE to send money directly into JazzCash mobile wallets. The initiative aims to make remittances faster, more accessible, and more convenient for the Pakistani diaspora.
“As we expand our regional footprint, our partnership with du Pay and Western Union is a key step towards making cross-border transactions smoother and more efficient for our customers,” said Murtaza Ali.
During his address, Murtaza shared JazzCash’s broader roadmap focused on innovation and inclusion. He highlighted key upcoming initiatives including:
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Expansion into Insurtech to help bridge Pakistan’s protection gap.
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Asset fractionalization to allow users to own shares in high-value assets.
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Democratizing stock investments and trading.
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Growing the digital merchant base, with an emphasis on women-led businesses and freelancers.
“Financial technology is not just reshaping economies, it is transforming lives—especially in underserved communities across emerging markets,” he noted.
With more than 20 million monthly active users, JazzCash is playing a pivotal role in Pakistan’s shift from a cash-based to a digital economy. The platform boasts Pakistan’s largest QR payments network and holds the distinction of being the largest digital loan issuer in the country, having disbursed 108 million digital loans to date.
In 2024 alone, JazzCash processed transaction values equivalent to 9% of Pakistan’s GDP, and it accounts for nearly 50% of all RAAST IDs, the national instant payment system—cementing its position as a cornerstone of Pakistan’s financial ecosystem.
Murtaza also lauded the State Bank of Pakistan, Pakistan Telecommunication Authority, and the Securities and Exchange Commission of Pakistan for fostering a regulatory environment that encourages innovation while safeguarding consumer interests.
He further highlighted the role of VEON, the parent company of Jazz and Mobilink Microfinance Bank, in accelerating financial inclusion across its markets. VEON’s fintech operations, including JazzCash in Pakistan, Simply in Kazakhstan, and Beepul in Uzbekistan, collectively processed a gross transaction value of $36.5 billion over the twelve months ending December 2024.
“The collaborative momentum within our ecosystem continues to empower millions and catalyze digital transformation across regions,” Murtaza concluded.
The Money20/20 Asia event drew over 3,000 senior decision-makers from global financial institutions, tech firms, and fintech innovators, underlining its status as a premier platform for the future of financial services.
