The National Institutional Facilitation Technologies (in Pakistan) and its business and tech partner TPS Worldwide, have introduced “NIFT ePay,” which is the nation’s all-inclusive payment gateway supporting business solutions beyond payments.
As mentioned in a release, NIFT ePay supports digital commerce payments by aggregating different payment instruments in Pakistan including accounts, wallets, and cards for clients so they can pay for their e-commerce purchases.
Customers may also settle their business invoices digitally and securely, and with their preferred method via a network of merchants, businesses, participating banks, and other financial institutions.
ePay has reportedly signed up large financial institutions and has enabled their clients to make payments in a reliable manner.
With 35% growth in digital commerce during Q1 2021, compared to the same quarter in 2020, the need for open virtual payments infrastructure has become critical. The need to make payments faster, cheaper, and in a seamless manner is a necessity, especially after the COVID-19 outbreak.
NIFT ePay’s management notes that the lack of trust of the digital commerce consumers is one of the main reasons why cash on delivery is still the preferred payment method. NIFT ePay plans to offer a proper dispute resolution and consumer protection system that can support virtual payments and e-commerce growth in the country.
Fawad Abdul Kader, who leads Digital Financial Services at NIFT, stated:
“NIFT...
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