Foree, Pakistan’s first online payment system for remittances, to launch in May

The app will also boost e-commerce in the South Asian country and allow people to shop online from international brands and companies via real-time payments.

1

Foree - Payment App, Payment Gateway. Simple. Fast. Secure.A digital payment app called Foree is set to be rolled out in Pakistan in May this year.

The app will help boost the global cashless economy, create tens of thousands of jobs in Pakistan and facilitate overseas workers in home remittances.

Murtaza Hashwani, the deputy-chairperson and CEO of Hashoo Group, and now the chairman of the board for Foree.

“Foree will be the first online payment system in the country,” Murtaza Hashwani, the deputy-chairperson, and CEO of Hashoo Group, told Arab News in an interview on Wednesday.

“This is going to be rolled out in the Middle East, and then we would like to take this globally,” he said.

Hashwani added that around nine million Pakistanis abroad could help make Foree a globally downloaded app.

Foree - Payment App, Payment Gateway. Simple. Fast. Secure.

 

The digital payment solution, regulated by the SBP (State Bank of Pakistan), would help non-resident Pakistanis remit cash home directly via the app, without the involvement of a bank or agent, and at a minimum charge.

The app will also boost e-commerce in the South Asian country and allow people to shop online from international brands and companies via real-time payments.

The project had been set up with seed investment, and future expansion would be undertaken by working with other international companies and venture capitalists willing to invest in Pakistan.

Image

The Hashoo Group, a conglomerate of the Hashwani family, is already a major player in the oil, gas, and hospitality sectors.

Foree’s management forecasts the payment solution will help create around 100,000 jobs in Pakistan alone in the next two years.

The payment solution will also create points of sales not only in cities but also in far-flung areas as people won’t rely only on cash to make purchases.

As a first step, the Hashoo Group is working with Meezan Bank to launch the app in Pakistan in May.

Regarding privacy and data protection of Foree users, Hashwani said all of the company’s servers were in Pakistan due to a requirement to get licensed with the central bank.

What are your views on this? Share with us in the comments below.


  • Featured Content⭐


    Most viewed in last 24 hours


    24 گھنٹوں کے دوران 🔥


    >