Visa Targets 10-Fold Growth in Digital Payment Acceptance in Pakistan through 1Link Partnership
Visa has set an ambitious goal to boost the acceptance of digital payments in Pakistan by tenfold over the next three years. This initiative is part of Visa’s broader strategy to enhance the digital payment infrastructure in the country and promote financial inclusion.
Strategic Partnership with 1Link: Visa has announced a strategic partnership with 1Link, Pakistan’s leading payment service provider. This collaboration is designed to streamline remittances and support digital transactions, aiming to make digital payments more accessible and secure.
Addressing Pakistan’s Unbanked Population: Pakistan, with a population of 240 million, has one of the largest unbanked populations globally. Currently, only 60% of the country’s 137 million adults have bank accounts. Visa’s initiative seeks to increase financial inclusion by expanding digital payment solutions.
Expansion of Digital Payment Infrastructure: As of now, Pakistan has approximately 120,541 point-of-sale (POS) terminals. Visa plans to significantly increase this number. The company aims to implement technology that will allow smartphones to serve as payment devices and support various payment methods, including QR codes and contactless cards.
Enhancing Remittance Processes and Security: The partnership with 1Link will also focus on improving the efficiency and security of remittance transactions. This is crucial for Pakistan, which is a major recipient of remittances, with funds from overseas Pakistanis playing a significant role in the country’s economy.
Support from IMF Bailout: The recent $7 billion bailout deal with the International Monetary Fund (IMF) includes measures to boost revenue and document the economy. Visa’s digital payment initiatives align with the IMF’s reforms, contributing to the government’s goals for economic modernization and digitization.
Conclusion: Visa’s collaboration with 1Link represents a significant step towards transforming Pakistan’s financial sector. By expanding digital payment acceptance and improving remittance processes, Visa is helping to build a more inclusive and efficient financial system in Pakistan.
