Visa aims to transform digital payments in Pakistan

Visa has announced an ambitious plan to expand the acceptance of digital payments in Pakistan by ten times over the next three years. The strategy, revealed by Visa’s general manager for Pakistan, North Africa, and Levant, Leila Serhan, comes as the company partners with Pakistan’s largest payment provider, 1Link. The aim is to encourage more businesses to adopt digital payments and improve remittance flows into the country.

With a population of 240 million, Pakistan faces a significant challenge, as only 60% of its 137 million adults have bank accounts. Visa’s plan involves investing in digital payment infrastructure, making digital transactions more affordable and easier to manage for businesses, especially smaller merchants. By introducing technology that turns phones into payment devices and accepting various forms of payments such as QR codes and card taps, Visa hopes to increase the current number of point-of-sale machines.

The partnership with 1Link also focuses on enhancing the remittance process, ensuring better security and encouraging transactions through legal channels. Remittances are a vital source of foreign exchange for Pakistan, contributing significantly to its GDP. This collaboration includes allowing 1Link’s PayPak cards to be accepted on Visa’s online platform, despite the two companies being competitors.

As Pakistan implements economic reforms following a $7 billion bailout from the IMF, digital payments are set to play a key role in the government’s drive towards digitisation. Visa is committed to supporting these efforts, seeing digital payments as central to the country’s future economic growth.