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PAY2M: PayFast Enters MENA Region through Joint Venture with Twyla Technologies

PayFast, a group company of Premier Systems with a PSP commercial license for e-payment gateway services from the State Bank of Pakistan, has joined hands with Qatar-based TWYLA Technology that is owned by the honorable H.E Sheikh Hamad Bin Suhaim Al Thani of the Qatar Royal Family.

The nature of the partnership sees PayFast and TWYLA Technology jointly establishing a fintech startup by the name of PAY2M to offer a suite of advanced digital payment services, allowing businesses to seamlessly integrate and accept online and in-store digital payments in the MENA region.

These include a dynamic e-commerce payment gateway, e-wallet, and e-invoice/billing solutions.

Additionally, the company is eager to facilitate soft POS through its partnership with one of the world’s most renowned payment schemes in order to boost innovative digital payment acceptance for various entities, especially SMEs.

PAY2M will begin operations in Qatar, which has an e-commerce market value of $4 billion, before tapping the lucrative MENA market, which boasts a digital transaction volume of $278 billion. To this effect, PAY2M’s goal is to expand itself in the Kingdom of Saudi Arabia and Egypt at a later stage.

The partnership is a testament to PayFast’s industry knowledge, experience, and technical expertise. It marks an important step in the start-up’s journey of regional penetration through PAY2M, which recently received a state grant from its government for successfully passing the Qatar Development Bank (QDB) accelerator program.

PAY2M has also acquired an in-principle license from Qatar Central Bank and has successfully completed the MVP for Payment Gateway Solutions. It is now moving to complete sandboxing as it heads towards commercial approval.

PayFast and TWYLA Technology each wish to capitalize on this partnership venture by extending their reach across borders and around the globe, thus accelerating PayFast’s vision, shared by PayFast Chairman Arshad Raza, the late Mahmood Kapurwala, and CEO Adnan Ali, of introducing PayFast to an international market.

Arshad Raza, Chairman, PayFast, expressed his excitement over the announcement, saying, “In the past year, PayFast has experienced tremendous domestic success in Pakistan after its commercial launch. Now is the perfect time for us to cement our vision of expanding our horizons and broadening our scope by tapping the international markets with PAY2M.”

Meanwhile, Nauman Gul, CEO and Co-Founder, PAY2M, agreed by saying, “With PAY2M, we’re looking to create an innovative digital solution that can provide multiple benefits to MSMEs and large corporations, beginning in Qatar before expanding throughout MENA. PayFast’s expertise in the fintech sector can help us achieve the success we’re aiming for.”

Adnan Ali, CEO – PayFast/COO & Co-founder– PAY2M said, “This joint venture demonstrates PayFast’s success as a regulated fintech and is a testament to our company’s digital payment acumen. We’re excited to work with TWYLA in making PAY2M a dynamic payment solutions provider, furthering our own mission of bringing Pakistan on the global fintech map.”

Courtesy: proPakistani

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