JazzCash, Pakistan’s largest fintech firm, has entered a partnership with UAE-based financial services provider du Pay to collaborate on cross-border payments.
The two companies signed a memorandum of understanding (MoU), marking the “first-ever” collaboration between fintech firms of two countries to simplify the transfer of payments to Pakistan from the United Arab Emirates (UAE), according to JazzCash. The partnership was made public on May 13, 2024.
“JazzCash becomes the first fintech in Pakistan to strategically partner with du Pay to simplify cross-border payments,” Murtaza Ali, Head of JazzCash, commented.
“People from UAE can now send direct remittance using du Pay wallets to their families in Pakistan through JazzCash. With Pakistani expatriates in the UAE being the second-largest contributors to remittances, this integration couldn’t have come at a better time,” he added.
The UAE is home to a significant Pakistani expatriate community and ranks as the second-largest contributor of remittances to Pakistan, just behind Saudi Arabia. In March alone, remittances from the UAE to Pakistan totaled $548 million.
JazzCash and du Pay partnership to benefit Pakistanis
Aamir Ibrahim, CEO of Jazz, the parent company of JazzCash, emphasized the importance of remittances from Pakistani expats to Pakistan’s economy. He said that this partnership would make sure these contributions from overseas Pakistanis have a lasting impact on the cash-strapped country’s economic stability.
“We are committed to using technology to enhance financial inclusion,” Ibrahim was quoted as saying in a JazzCash statement. “Our partnership with du Pay simplifies payments for Pakistanis everywhere, emphasizing our role in boosting economic growth.”
As strategic partners, both companies will explore new avenues of cooperation, leveraging their respective strengths to drive innovation and expand the presence of JazzCash in the UAE markets.
“As a leading digital telco, we are committed to delivering exceptional services and solutions to our customers, and we believe this partnership between du Pay and JazzCash, a leading mobile money operator in Pakistan, will ensure streamlined customer experience with great benefits,” Fahad Al Hassawi, CEO of duPay, said.
“du Pay will offer a simplified and secure digital service that will advance financial inclusion and positively impact the lives of Pakistani nationals,” he added.
du Pay, licensed by the UAE Central Bank, provides a comprehensive range of services, such as international money transfers, peer-to-peer (P2P) transfers, mobile top-ups, bill payments, and salary deposits via an IBAN.
The partnership between JazzCash and du Pay signifies a strategic alliance aimed at exploring new avenues of cooperation.