Pakistan’s JS Bank has signed an agreement with NayaPay to enhance digital payments in the country.
The deal will enable the mutual customers to link their JS Bank account or JCash wallet to their NayaPay wallet to facilitate money transfers between accounts.
This would also allow merchants to offload funds to their designated account with JS Bank.
Moreover, the partnership allows consumers and businesses to use NayaPay app to pay verified merchants through their linked accounts.
Customers can add money to their NayaPay wallets through JSBL internet banking portal, app or by visiting JSBL branch.
JS Bank chief digital officer Noman Azhar said: “This partnership will allow us to fulfil one of our key objectives which is delivery of value-added payment solutions in a simple, convenient and easy manner. We believe in providing an enabling environment to startups which can help filling the gaps in current eco system”
NayaPay chief information officer Faraz Javed said: “At both NayaPay and JS Bank, customer convenience without compromising security is paramount — our strategic partnership will go a long way towards achieving this goal.”
NayaPay, as an electronic money institution (EMI), allows users to open e-money accounts to make digital payments.
Last year, another Pakistani lender Faysal Bank signed a memorandum of understanding (MoU) with NayaPay for digital payments.