Karachi, January 18, 2023 (PPI-OT):Bank Alfalah, continuing its efforts to digitize the retail landscape of Pakistan, has entered into an aggregator partnership with SnappRetail. This partnership is designed to accelerate merchant acquiring activities and to encourage digital payments at the point of sale (POS). Under this collaboration, merchants acquired by SnappRetail will be onboarded to the QR (Quick Response) payment system of Bank Alfalah, bringing cash-oriented merchants into the fold of the documented economy.
The newly acquired merchants will be registered on Alfa Business Application. The app offers a smooth in-app registration process that only requires a merchant’s valid CNIC. Moreover, the application’s seamless payment system requires the merchant to accept payments by getting the customers to scan QR codes generated in-app, eliminating the need of handling cash.
Furthermore, merchants have the liberty of setting up an e-shop to monitor sales, inventory, and business transactions in real time within the App. Customers can further avail “Buy now Pay Later” facility on QR payment with a minimum order of PKR 3,000 and easy installments of up to 12 months.
The Alfa Business App allows retailers to accept payments from 17 different banking applications and is integrated within the banking system to ensure fund settlement within 24 hours. Retailers can also avail an in-app, one-tap “Merchant Financing” facility where loans can be processed instantly to improve their liquidity.
The loan amount can be secured up to 50% of the business’ transactional volume, and merchants can avail the lowest markup in the industry with zero paperwork involved. Speaking about the partnership, Mohammad Yahya Khan, Group Head Digital Banking at Bank Alfalah, said, “Digitizing retail sectors has always been one of our utmost priorities.”
“Through this collaboration, we will reach our goal of empowering retail merchants across the country by offering them various methods of accepting digital payments through one single platform and helping them grow their business by access to digital credit,” he added.
Moazzam Ali Khan, Chief Strategic Officer at SnappRetail, explained how the collaboration would strengthen financial inclusion, saying, “On a mission to digitize traditional retail, Snappretail has always brought innovative services and collaborations with the sole purpose of making Pakistan more financially inclusive.”
“With this collaboration, we hope to accelerate our cohort’s top line as they tap into new digital payment-based revenue streams,” he added. Innovative partnerships are the need of the hour to improve the financial inclusion of traditional payment methods. Such collaborations will ensure that everyone in the ecosystem can access primary and efficient financial products and services.
For more information, contact:
Head of Corporate Communications
Bank Alfalah Limited
2nd Floor, B.A Building, I.I Chundrigarh Road,
Karachi, Pakistan
UAN: +92-21-111-777-786 Ext 2638
Tel: +92-21-32423952
Email: salimahshiraj@yahoo.com
Website: https://www.bankalfalah.com/
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