Egypt’s digital payments provider ‘Paymob’ to begin countrywide operations in Pakistan

The digital payments company is based in Cairo and currently operates in Egypt, Jordan, and Kenya and aims to enter Saudi Arabia later this year.

According to media reports, Egypt’s digital payments provider Paymob is planning to begin it’s operations in Pakistan this month. Sources state that the company has decided to get involved with the country to take advantage of a market that is showcasing a major funding frenzy in it’s startups.

About Paymob

The digital payments company is based in Cairo and currently operates in Egypt, Jordan, and Kenya and aims to enter Saudi Arabia later this year. It allows online businesses and offline merchants to accept and send payments. LG Corp., Samsonite International SA, and Uber Technologies Inc. are among the clients of the company.

Speaking about doing business in Pakistan, Islam Shawky, CEO and Co-Founder of Paymob said:

Paymob sees a significant opportunity in Pakistan.

Operations in Pakistan

The expansion comes after the startup scene in Pakistan, the world’s fifth-largest nation, had a record funding of more than $350 million last year. Dragoneer Investment Group and Tiger Global Management have made their first investments in the past few months.

Islam Shawky said:

The company plans to have 100,000 merchants in its first two years in Pakistan. Our focus is small and medium enterprises that are a cornerstone of the economy but under served. There is a huge gap in emerging markets.

The CEO further stated:

Pakistan’s digital payments are low with just over 80,000 POS terminals and less than 3,000 e-commerce gateways. Paymob plans to extend its tap-on-phone payment service in Pakistan that has been recently introduced in its home market with MasterCard Inc.

Pakistanis are excited to see the digital payments provider make it’s way to Pakistan and make the economy cashless. Paymob will increase B2B transactions and offer people a fast, safe, transparent, and convenient way to make payments.

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