Visa eyes 10-fold rise in use of digital payments
KARACHI: Visa plans to increase the number of businesses accepting digital payments in Pakistan tenfold over the next three years, the payments giant’s general manager for Pakistan, North Africa, and the Levant told Reuters.
The comments from Leila Serhan came as Visa announced a strategic partnership with 1Link, Pakistan’s largest payment service provider, aimed at streamlining remittances into Pakistan and also encouraging digital transactions.
According to State Bank estimates, only 60 per cent of its 137 million adult population, or 83m adults, have a bank account. Visa is investing in building digital payment infrastructure in the country, aiming to make digital payments less costly and more manageable. The country has 120,541 point-of-sale (POS) machines. Visa intends to significantly increase this number.
“Some businesses have more than one POS machine. We’re aiming at ten-folding businesses’ acceptance (of digital transactions),” said Serhan.
The strategy involves technology that transforms phones into payment instruments and accepting various forms of payment, including QR and card tap. Visa aims to expand beyond mainstream businesses to include smaller merchants.
Published in Dawn, September 12th, 2024