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PayFuture expands into Pakistan

Tuesday, November 19, 2024 — 13:44:33 (EST)

PayFuture Expands into Pakistan, Enabling Global Brands to Enter the High-Growth Market

The move connects international businesses with Pakistan’s expanding ecommerce sector through locally optimised payment solutions and regulatory compliance

London, UK. 19th November 2024: PayFuture, a leading global payment technology provider, has launched its operations in Pakistan, creating new opportunities for international businesses to engage with one of South Asia’s most dynamic ecommerce markets.

With PayFuture’s advanced payments technology and deep regulatory knowledge, businesses can now navigate the complexities of this high-potential market with ease. PayFuture has done the legwork, allowing international businesses to connect easily with popular local payment methods, such as Easypaisa and JazzCash. This enables them to cater to Pakistani consumers’ payment preferences, all while meeting stringent local compliance standards.

Pakistan, home to over 240 million people, offers a prime opportunity for global ecommerce growth. A young, tech-savvy population, high smartphone adoption (83%), and fast-growing internet penetration (39%) have fuelled a surge in digital commerce. As more consumers embrace digital solutions, demand is rising for secure, accessible local payment options that connect them to global markets.

Manpreet Haer, CEO and Co-Founder of PayFuture, commented: “Our entry into Pakistan offers businesses a comprehensive solution that combines localised 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.”

In 2024, Pakistan’s retail payments saw remarkable growth, with transaction volumes rising from 4.7 billion to 6.4 billion in just one year. The widespread use of digital wallets has helped drive the major shift towards ecommerce, with approximately 87% of digital payments made through wallets, compared to 78% in 2023 – while only 13% were through payment cards.

Zaki Farooq, Chief Technology Officer and Co-Founder of PayFuture, added: “Pakistan’s evolving ecommerce landscape presents tremendous opportunities for global brands. With this launch, we are equipping businesses with the essential tools they need to succeed, including simplified regulatory compliance, access to preferred local payment methods, and a gateway to an increasingly engaged consumer base.

“Our mission is to empower merchants with the opportunity to deliver quality services in new territories that may have previously seemed too complex to navigate. We’re enabling them to maximise sales, profitability, and customer loyalty.”

This expansion builds on strategic partnerships with leading payment providers in Pakistan, creating a unique redundancy model that ensures uninterrupted service through rerouted transactions when necessary, providing consistent and reliable consumer experiences. This mitigates the risks often associated with frontier markets.

Manpreet continued: “Many global businesses have hesitated to enter emerging and frontier markets like Pakistan due to regulatory challenges, cross-border payment complexities, and unfamiliar payment preferences. 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 simplified approach lets businesses enter the market without having to navigate the intricacies of regulatory approval independently.”

This expansion marks a significant milestone in PayFuture’s global growth strategy, reinforcing its commitment to providing international brands with the payment solutions that make new markets accessible and profitable.

As Pakistan’s ecommerce sector grows, PayFuture stands ready to support businesses in reaching this high-potential audience, contributing to the country’s digital ecosystem, and bringing the benefits of digital commerce to more consumers.

To find out more about PayFuture, please visit: www.payfuture.net/

ENDS

About PayFuture

PayFuture is an innovative payment technology platform designed to unlock access to local payment solutions in emerging global markets. Through a single integration, PayFuture enables online merchants to instantly connect with the most popular payment methods in each region, simplifying market entry and growth. As internet usage accelerates in these markets, so do the opportunities for e-commerce merchants to tap into previously underserved customer bases and drive growth.

PayFuture’s gateway provides unrivalled advantages in enhancing the customer journey, improving approval rates, and optimising conversion recovery – helping merchants boost revenue in these high-potential regions. With innovative technology and industry-leading solutions, PayFuture is empowering merchants to expand globally and capitalise on new opportunities.

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Source: Company press release.