Visa targets major expansion in Pakistan’s digital payments landscape
smartcybers786@gmail.com 
A Visa credit card is seen on a computer keyboard in this picture illustration taken September 6, 2017. —Reuters
#Visa #targets #major #expansion #Pakistans #digital #payments #landscape
KARACHI: The purpose of the visa is to increase the number of business in Pakistan that accepts digital payments ten times, as the increase in adoption of these payments will significantly affect the country’s economic growth.
About 28 million total businesses have been identified in the diagnosis of visa commercial land in Pakistan, of which 7.5 million are identified for acceptance of digital payment in the medium period, “an interview
“Our goal is to increase business acceptance ten times [specifically for small and medium enterprises] Khan said that Pakistan’s digital payments should be removed to remove the ongoing change in landscape as well as pay for businesses through commercial cards.
The transfer of digital payments from cash and checks has given rise to a wave of innovation, preferring speed and convenience. The number of traders who adopts digital payment methods has increased significantly. This trend is clear in the State Bank of Pakistan (SBP) quarterly review, which shows that card -based retail purchases have increased by 5.0 %, while the Point of Cell (POS) transactions 8.0 The percentage has increased.
“In a visa, we believe that comprehensive economies are fundamental to the future of money transport everywhere, everywhere, and financial access. Khan said that visas work in more than 200 countries and regions where it works. Play an important role in supporting national financial inclusion efforts.
He added, “In Pakistan, we are committed to supporting the country’s vision to prepare a strong digital payment infrastructure to ensure friction and safe payments.
Khan believes that digital payment is very important for Pakistan’s economic growth to run Pakistan’s economic growth by promoting new markets, buyers and consumers. The businesses that accept digital inclusion have more access to valuable data.
“Digital payments, e -commerce market plus as well as digital invoices and CRM systems will also be allowed to digital, scale and smooth transactions with consumers. On the innovation of economic growth and promotion of this digital change. Will have a significant impact.
Visa, which is a large of payments, expects to adapt to digital payments, especially the Tech Boyfriend General Z and the thousands of years who first experienced ease of e -commerce during pandemic disease. According to SBP data, in 2024, the annual price of card transactions and payment markets reached $ 8.2 billion. The number of e -Walt users has increased by 85 %, and Internet banking users have increased by 25 %. Mobile app -based wallets also see significant growth, in which consumers pay 2.697 billion pay through branchless banking mobile app wallets and 85 million through electronic mini -bodies (EMIS) e -Walts.
A strong and flexible payment system has also pushed the expansion of POS machines, which helps with card -based transactions at retail locations. Digital transactions, including ATM cash withdrawal, 844 million retail payments by banks and EMIs are 83 %. This describes the growing identity of the benefits of digital inclusion, especially for small businesses. The visa tape -to -phone solution offers the significant price by allowing small traders to eliminate the need for separate physical devices, allowing small traders to accept contractless payments.
Visa prefers payment safety. In the past five years, the company has invested more than $ 10 billion to reduce fraud and actively enhance network security. It launched a visa alias directory service to simplify cross -border payments and improve user experiences while protecting sensitive payment verification information. The company is also connecting cyber -source technology to enhance e -commerce and has contributed with various stakeholders, including 1 link, HBL, Western Union, Balance Bank, and several Finctic, so that Efforts for financial involvement in the country can be increased. In addition, the visa introduced ‘Next’, a global lawyer program aimed at empowering 2500 female businesses, in which five winners collectively received 000 50,000 financing, as well as training and training. With guidance.
Visas are cooperating with new players, such as Fantac, Banks, Traders, Prases and Government Cohes, to provide access to its network, products, tools, and skills, which can enable its growth and success. – These fints try to eliminate the gap between non -disconnected and low -population populations, which helps them integrate into the government financial system.
Khan said, “We work with a healthy pipeline of Finctic through partnerships. Nepese, safe, semi -card, and pay -fast, easy technologies for small businesses and enhances security and enables security. To enhance confidence, ”.
