To meet the demands of the fast-paced world, Pakistani bank UBL has partnered with fintech company NayaPay to facilitate remittances to Pakistan with fast, secure, and simple digital payments.
UBL and NayaPay have collaborated to enable users in Pakistan to receive international remittances from over 100 money transfer agents (MTOs) directly in their NayaPay accounts.
NayaPay, the SBP-authorized Electronic Money Institution (EMI), allows people to open e-money accounts on their smartphones in a few simple steps and take control of their finances.
UBL, the bank with the highest volume of home remittances to Pakistan, will further expand its reach by facilitating real-time cross-border transactions into NayaPay account holders. Recipients can also enjoy the convenience of making all their everyday payments through the NayaPay app and associated Visa debit card, accepted at ATMs and retailers worldwide.
“UBL is a flagbearer in developing the digital ecosystem of Pakistan and this partnership is another step towards it. We are focused on enabling the enablers of the ecosystem, and NayaPay has already tapped the right sector where UBL is aligned” said Zia Ijaz, Group Executive Branch Banking and International.
Danish A. Lakhani, CEO of NayaPay, said, “This remarkable collaboration will enable people across the globe to remit funds with speed and ease to NayaPay users in Pakistan. This service is in line with our mission to connect underserved Pakistani citizens and businesses to the global financial ecosystem.”