Bayfikr, a London based Fintech, has launched its disruptive app for Overseas Pakistanis in the UK. It allows Overseas Pakistanis control & convenience of the money they send to their family in Pakistan.
Bayfikr has been designed specifically for expats. It provides them the ability to send remittances to Pakistan, but more importantly allows them to make instant and direct bill payments. This is a major convenience for not just the expat users, but their families residing in Pakistan as well.
Remittances make up a large portion of the dollar inflows into the country. With latest numbers suggesting overseas Pakistanis sending in almost USD 33 billion. The founders identified a gap in the market and addressed a genuine need for an app which not only makes money transfer simple but also utility bills payments, mobile tops up convenient & hassle free through their UK bank accounts (directly). Currently, Bayfikr has on-boarded 100+ Pakistani billers and businesses with plans of expanding it to more than 500 in the future.
Bayfikr is tailor-made to support the Overseas Pakistani community. Being expats Pakistanis themselves, the founding team felt the need to reduce the pain of making payments & sending money to Pakistan by making the process faster, convenient & cheaper. Bayfikr takes advantage of Open Banking architecture & faster payment rails to make bill payment a hassle free act. This, according to the founding team, reduces time & removes friction in the payment process.
The app itself has a multitude of bill payment options; electricity, mobile networks & gas companies along with education & government payments. It also enables people to send Zakat/charity payments to leading charities like Shaukat Khanum, Edhi & Shahid Afridi Foundation. In addition, a portion of the transactions is also donated to different charities by the company.
Bayfikr team shared plans of expanding into KSA, UAE, USA & Canada.
After spending almost a year on aggressive testing, Bayfikr app is now available on iOS & Android. It can be downloaded at www.bayfikr.net/api.aspx
