SBP allows Foree payment services

KARACHI: The State Bank of Pakistan (SBP) has granted permission to Foree to provide payment services in Pakistan, a statement said on Monday.

Foree is a mobile payment platform, enabling users to pay anyone using QR Code, mobile number, CNIC number, email address, twitter handle, Facebook or Foree address (a virtual payment address), it added.

It is a universal, low-cost digital payment platform for businesses, enabling even the smallest merchant to start accepting digital payments in a cost effective manner without the need for any expensive POS machines.

Foree Founder and CEO Saleem Ropani said, “Foree is on a mission to make payments easy, interoperable and trusted to power economies by delivering financial inclusion and social economic justice.”

“Along with creating new avenues for jobs and formalisation of the economy, through our technology, we are enabling access to financial services with ease and trust. Foree aims at becoming the backbone of Pakistan’s digital society,” he added.