Islamabad, Pakistan – November 20, 2024
PayFuture, a leading global payment technology provider, has officially launched its operations in Pakistan, marking a pivotal step in connecting international businesses to one of South Asia’s most promising ecommerce markets.
With its advanced payment technology and comprehensive understanding of local regulations, PayFuture aims to simplify market entry for global businesses. By integrating with popular local payment methods such as easypaisa and JazzCash, the platform enables merchants to align with the preferences of Pakistani consumers while adhering to stringent compliance standards.
Tapping into a Dynamic Market
Home to over 240 million people, Pakistan boasts a vibrant digital landscape characterized by a young, tech-savvy population, high smartphone penetration (83%), and growing internet adoption (39%). This has fueled a surge in digital commerce, with consumers increasingly seeking secure, accessible payment options for cross-border transactions.
Highlighting the potential of the Pakistani market, Manpreet Haer, CEO and Co-Founder of PayFuture, stated:
“Our entry into Pakistan offers businesses a comprehensive solution that combines localized payment integration, currency conversion, and robust fraud prevention. These features are designed to align with Pakistan’s regulatory framework, giving our clients the confidence to operate in a promising yet complex market with minimal friction.”
Booming Digital Payments Landscape
Pakistan’s retail payment ecosystem is experiencing remarkable growth. In 2024 alone, transaction volumes soared from 4.7 billion to 6.4 billion. Digital wallets have emerged as the dominant payment method, accounting for approximately 87% of digital transactions this year, up from 78% in 2023.
Zaki Farooq, Chief Technology Officer and Co-Founder of PayFuture, emphasized the opportunity:
“Pakistan’s evolving ecommerce landscape presents tremendous opportunities for global brands. With this launch, we are equipping businesses with essential tools, including simplified regulatory compliance, access to preferred local payment methods, and a gateway to an increasingly engaged consumer base.”
Simplifying Complexity for Merchants
PayFuture’s operations in Pakistan are built on strategic partnerships with leading local payment providers. This includes a unique redundancy model that ensures uninterrupted service by rerouting transactions when needed, offering consistent and reliable consumer experiences.
Manpreet Haer highlighted the company’s approach to addressing market challenges:
“Many global businesses hesitate to enter emerging markets like Pakistan due to regulatory challenges and cross-border payment complexities. PayFuture removes these obstacles, offering merchants a single integration point with built-in compliance that aligns with Pakistan’s data protection and foreign exchange laws. This approach allows businesses to enter the market with ease.”
Accelerating Ecommerce Growth
PayFuture’s launch aligns with Pakistan’s broader shift toward digital commerce. The company’s robust payment solutions promise to help businesses maximize sales, profitability, and customer loyalty while contributing to the country’s digital ecosystem.
“Our mission is to empower merchants to deliver quality services in markets that may have previously seemed too complex to navigate,” said Zaki Farooq.
As Pakistan’s ecommerce sector expands, PayFuture is poised to play a crucial role in bridging the gap between global brands and local consumers, driving innovation, and shaping the future of digital commerce in the region.
For more information, visit PayFuture’s website.
