Tuesday, June 25, 2024

Bank Alfalah Introduces QR Payment Solution with SnappRetail

Bank Alfalah continuing its rich legacy of being the industry leader in digitizing the retail landscape of Pakistan, Bank Alfalah 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 on boarded to the QR (Quick Response) payment system of Bank Alfalah, bringing the cash oriented merchants into the fold of the documented economy.  

The newly acquired merchants will be registered on  Alfa Business Application. The App offers  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 retailors to accept payments from 17 different banking applications and is integrated within the banking system to ensure fund settlement within 24 hours. Retailors can also avail an in-app, one tap “Merchant Financing” facility where  loan 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 mark-up in the industry with zero paper work 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.’

Moazzam Ali Khan, Chief Strategic Officer at SnappRetail explained how the collaboration will strengthen financial inclusion:”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.”

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. It is, therefore, an essential tool to improve and simplify lives.

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