Thursday, March 23, 2023

Karachi-based fintech ‘Safepay’ gets pilot license from SBP

Safepay, a Karachi-based fintech, on Tuesday announced that it has received the State Bank of Pakistan’s approval for pilot operations and that it is going Live with Visa’s Cybersource.

The pilot approval has been granted after Safepay fulfilled the stringent criteria of SBP and is the second step towards receiving a full payment service provider license, according to a press release issued by fintech.

It added that the step will allow Safepay to proceed with onboarding traders and scale its operations.

Partnership with Visa’s Cybersource

In the issued statement, the startup also disclosed its partnership with Visa’s Cybersource.

“Through card acceptance, Pakistani merchants can receive payments from their local and international customers. This is supported by a market-leading digital onboarding experience, easy-to-use technical integrations, focused customer support, and a powerful reporting dashboard that lets small and large businesses track their payments,” said the press release.

Meanwhile speaking about Visa’s collaboration with Safepay, Leila Serhan, Visa’s Group Country Manager and Senior Vice President for North Africa, Levant, and Pakistan, said, “Today, consumers are increasingly embracing digital commerce, making it critical for businesses of all sizes to be proactive with fraud management, while ensuring their customers’ expectations are met.”

“At Visa, we are committed to introducing solutions that offer multiple benefits to merchants and provide customers with a frictionless, secure, and convenient payment solution. Our collaboration with Safepay, the proud winners of the VEI Audience Favorite 2021, allows us to ensure that we provide merchants in Pakistan with access to high-quality security solutions that include fraud management, payment acceptance, and security.”

About Safepay

Safepay is the first Pakistani payment service provider that has graduated from Y-Combinator, the prestigious US-based accelerator. Fintech has been active in the market since 2019.

Its core offering to a merchant is a one-window solution that allows consumers to pay online through the merchant’s website using their bank account, mobile wallet, and now Visa or Mastercard-backed card.

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