Islamabad, Sep 11: A collaboration agreement was inked by 1LINK and Visa to connect their systems for quick and safe cross-border payments, with the goal of providing a novel means for Pakistanis living abroad to transfer money home.
As a result, Visa cardholders worldwide could remit money to their relatives who had bank accounts in Pakistan by using the Visa Direct service. The collaboration makes it easier to include the Visa Alias Directory Service into the 1LINK network, which intends to enhance user experience, safeguard private payment credential data, and streamline incoming remittances.
The industry will be able to implement new payment methods thanks to it, such as PayPak cards being accepted on Visa’s Cybersource platform, enabling secure transactions for PayPak customers at online retailers. Cybersource helps acquirers expand and manage their online (Card-Not-Present and Card-Present) businesses by offering a gateway technology platform, payments expertise, and support services.
At the signing ceremony were Abrar Ahmed Mir, Chairman 1LINK, Saleem Ullah, Deputy Governor of SBP, Sohail Javaad, Executive Director of DFS Group, senior officials from SBP, Najeeb Agrawalla, CEO of 1LINK, Leila Serhan, Senior Vice President and Group Country Manager for Visa (North Africa, Levant, and Pakistan), and management teams from 1LINK and Visa.
Additionally, by promoting cross-border payments via Visa Direct, which will enable real-time payments to customers worldwide, the alliance seeks to improve Pakistan’s payment system.Visa’s “Money Travels: 2024 Digital Remittances Adoption Report” states that while digital remittances are the preferred way to transmit money across borders because of their increased safety and convenience of use, digital apps are still being embraced at an increasing rate.
“I would like to extend my congratulations to 1LINK for this remarkable initiative,” said Saleem Ullah, Deputy Governor of SBP. Through their collaboration with Visa Direct, Pakistanis living abroad would have the ease of sending money back home with just a cell phone number.
Furthermore, PayPak cardholders will now have access to internet retailers via Cybersource, removing a major obstacle to online payment processing for PayPak consumers. This joint project demonstrates our dedication to innovation and customer-centric solutions while marking a significant development in digital commerce and remittances.
Senior Vice President and Group Country Manager for North Africa, the Levant, and Pakistan at Visa, Leila Serhan, made the following statement: “World Bank data indicates that Pakistan is among the top 10 countries in the world for receiving remittances.” The nation is undergoing an exciting and swift development as a result of its goal to create an economy that is digitally empowered. Our steadfast commitment to advancing financial services for marginalized groups and enabling financial inclusion in Pakistan is reinforced by Visa’s cooperation with 1LINK. In order to facilitate easy, quick, and secure payments, the Visa Alias Directory service combines the robustness and interoperability of Visa Direct technology with the ease of use and convenience of the Visa Alias Directory.
The greater Visa Acceptance Platform and Cybersource offer unparalleled levels of resiliency.The partnership excites Najeeb Agrawalla, CEO of 1LINK, who highlighted its speed, security, and better access to inbound home remittances.
“With 1LINK’s commitment to developing a strong national e-payment network and Visa’s worldwide reach, this partnership aims to establish a new channel for receiving home remittances,” he said. More economic growth and financial stability will result from this.
The Cybersource platform’s adoption of PayPak would greatly broaden Pakistan’s eCommerce market and fortify the nation’s payment ecosystem. The global payment ecosystem is made up of numerous networks that function in silos under widely disparate regulatory frameworks, including banks, digital wallets, and other local payment systems.
