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Rise, a Dubai based fintech organization, currently said to raise around $1.4million in a round led by the middle east venture partners. This Dubai based fintech company provides financial services to migrants with low-income in the Gulf. Rise has teamed up with one of Pakistan’s leading eCommerce platforms HomeShopping.pk. Both companies have launched a buy now service for all the overseas Pakistanis residing in the United Arab Emirates. This is the very first time when…

Islamabad: State bank of Pakistan granted EMI license to Sadapay. SadaPay has announced that it has been granted the in-principle approval by the State Bank of Pakistan (SBP) for an Electronic Money Institution (EMI) license. This approval allows SadaPay to ready its operations for the pilot phase, during which the digital wallet will be available on a limited scale, under supervision of the regulator. The startup is founded by American serial entrepreneur Brandon Timinsky, who…

Western Union Expands Global Real-Time Payments Network Real-Time Payments into Select Bank Accounts and Wallets now in 50 Countries. Western Union Expands Global Real-Time Payments Network. Western Union (NYSE: WU), a leader in cross-border, cross-currency money movement and payments, today announced continued expansion of its Global Network for real-time money-movement and payments, benefiting the Company’s consumers and clients across its branded money transfer and payments business as well as its expanding white-label business. This press…

What do we know about Pakistan’s ecommerce industry? Daraz has curated Pakistan’s first ecommerce index to help map trends and shopping patterns using internal data. Pakistan’s ecommerce industry has grown rapidly over the past few years but heavy reliance on cash has ensured gathering data and establishing benchmarks remains a challenge. In order for the industry to blossom, insights on consumer behaviour and shopping patterns are essential. Data regarding extensivity of penetration across the country…

Mastercard signs agreement with Askari Bank to expand Credit Card issuance and bring innovative payment solutions to Pakistan. Mastercard has signed an agreement with Askari Bank Pakistan for a multifaceted partnership to enhance customer experience and launch new products for a growing number of the Bank’s customers. The agreement is part of Mastercard and the Bank’s commitment to bring innovative payment solutions to more people across the Middle East and Africa region and forge strategic…

Oscar Udhar App – An online ledger to manage your receivables. Ever got into a petty quarrel with a neighbourhood store owner over a payment you had already made but he didn’t remember? And it was simply your word against theirs with no way to prove? What if a third party could intervene and settle the dispute? Well, that’s the bet of one startup, trying to bring in more transparency in retail. Oscar Udhaar is…

Daraz opens international payment gateways for overseas Pakistani donors. Daraz has opened up international payment gateways to enable overseas Pakistanis to donate to non-profit organizations and support daily wage earners and families in the underserved areas of Pakistan as they cope with the impact of Corona Virus. Daraz Cares, the leading ecommerce platform’s CSR wing, recently launched “Together Lets Help Pakistan” – a donation campaign – in partnership with a number of well-reputed non-profitable organizations…

The difference between COD and PrePayment and why Pakistan is still on COD Do You know the difference between COD and PrePayment and why Pakistan is still on COD? Over the past decade, online shopping has become a viable option in Pakistan. Especially, ever since Daraz brought the ‘Black Friday’ shopping custom to Pakistan, more and more people are flocking to buy stuff from online stores. Although most outlets now avoid using the ‘Black’ term…

Amazon pauses sellers’ loan repayments amid coronavirus. Amazon.com said it temporarily would not require sellers in its marketplace to repay loans it had made to them, as merchants confront the prospect of declining sales during the coronavirus pandemic. The world’s largest online retailer notified sellers that its programme known as Amazon Lending would pause repayments beginning Thursday until April 30. Interest would not accrue during that period, it said. The programme has offered sums between…

Merchants’ digital on-boarding – SBP revises regulations. The State Bank of Pakistan (SBP) has revised the regulations for Digital On-Boarding of Merchants. According to the SBP, in order to enable cash deposit transactions in merchant accounts, sections 4(c) and 9 (b) of ‘Regulations for Digital On-boarding of Merchants’ have been revised. Also Read: PTA green-lighted non-commercial 5G tests in Pakistan As per amended Section 4(c) of the regulations, Banks/MFBs will ensure that Merchant Accounts are only…