Digital payments have the potential to enhance Pakistan’s GDP by approximately $25 Billion and create 4 million additional jobs, according to a recent report “Better than cash alliance”, but it has to be fintech companies at the crux to drive this change like it has happened in other emerging markets.
A Karachi based payments fintech company by the name of Swich is heating up the space. The company claims to have already processed close to PKR 6 Billion in transactions in a few months according to their website and has enhanced its founding team. Muhammad Raza, who headed Enterprise Business at Paymob, which is an emerging payments platform in Pakistan, recently announced he’s joining Swich as a founding member.
He stated in his post “I am extremely excited to join Swich as a Founding Team in the capacity of Chief Growth Officer to lead the overall expansion plans within and beyond borders. I believe we have the right solutions and leadership to democratize digital payments acceptance. And I am equally excited to lead Swich towards international market”
The transition shows the gap and validation in the payments space. It is clear the benefits digital payment acceptance can bring for Pakistan, and with companies that have clear ambitions to go international, Pakistan might be heading for a digital revolution. With so many players, like Payfast, Paymob, AbhiPay, and Keenu in this race, the digital revolution in Pakistan is just a matter of time.