Bayfikr, a UK-based Fintech, launched its unique remittance and bill payment mobile application for users on 7th March 2022.
Bayfikr aims to make it simple for Pakistani expats to send their remittances into Pakistan. Initially targeting the UK to Pakistan corridor, Bayfikr plans to quickly become a major player in this $4bn corridor.
Unlike existing money transfer apps, Bayfikr gives much-needed control to Overseas Pakistanis by enabling them to make instant and direct bill payments to Pakistan in addition to traditional remittances.
So, instead of sending just cash, users can check & pay their Pakistan bills directly from their UK bank accounts. Currently, the fintech has on-boarded 100+ Pakistani billers and businesses, and is working on adding many more in the coming weeks.
The management is also on-boarding well-known real estate projects so Overseas Pakistanis can keep up with installment plans.
Bayfikr was founded by expat Pakistanis who realized that the existing remittance solutions were not fully catering to the unique needs of the Pakistani diaspora residing abroad.
Overseas Pakistanis send USD 30Bn to Pakistan annually and there needed to be a unique app to support their requirements.
CEO Rascim Khattak said, “We conducted surveys among expat Pakistanis and realized that a major chunk – approximately 80% – of funds sent to support families back home is used for rent, bill payments, school & hospital fees, and real estate installments. None of the existing players were attending to these requirements. So, we decided to create Bayfikr to support our people”.
He further stated that Bayfikr was tailor-made for the Pakistani community and would soon be available to Pakistanis residing in the UAE and KSA who face similar problems.
In addition to billers, Bayfikr has also added well-established Pakistan-based charities so Overseas Pakistanis can extend their help to those in need back home.
Bayfikr is on a mission to help the community and it was revealed that a portion of the profits will go towards various Pakistan-based charities.
Bayfikr is also signing agreements with various Pakistani banks to facilitate its users.