Egyptian digital payments provider Paymob has expanded its operations into Pakistan, aiming to empower Pakistani merchants with online, POS and “Tap on Phone” payment solutions.
Founded in 2015 by Islam Shawky, Alain El Hajj and Mostafa Menessy, Paymob is an infrastructure technology enabler providing payment solutions to empower digital financial service providers through mobile wallet technology.
Paymob, which closed a US$18.5 million Series A funding round last year, has now launched in Pakistan following rapid growth in its home market of Egypt, plus Jordan and Kenya, where combined it services tens of thousands of merchants including LG, Samsonite, Talabat, Uber and Virgin Records, plus SMEs.
Paymob believes the market opportunity in Pakistan is significant. The country has a population of over 220 million, with a range of retail outlets and SME businesses across its cities. Over four million SMEs use just over 80,000 POS terminals, and less than 3,000 e-commerce gateways, meaning it is “perfectly suited” to Paymob’s ability to bridge the digital financial gap and meets the company’s criteria and strategy to expand further across MENAP, and globally.
Meanwhile, Pakistan is ranked as the world’s fifth largest market for freelancing, servicing local and international customers, with no sufficient local means of digital payments. Paymob can help enable individual and micro businesses with payment links, soft POS solutions, and means to manage their payments and scale their businesses.
“We are very excited to be launching Pakistan. This comes as an essential step after our successful journey in leading the Egyptian payments landscape where we enable over tens of thousands of merchants with innovative financial solutions,” Shawky said.
