KARACHI: JS Bank signed an agreement with National Institutional Facilitation Technologies (NIFT) for enabling digital commerce payments through NIFT’s DFS platform under the brand name “NIFT ePay”.
The agreement was signed by Haider Wahab, CEO - NIFT and Noman Azhar, Chief Digital Officer of JS Bank.
Now customers without debit or credit cards can conduct e-commerce transactions directly through their accounts maintained with any member bank of NIFT e-payment gateway. On the other hand, banks gain the ability to offer a digital platform for all collection mandates through an account-based local payment gateway.
This partnership is yet another step in JS Bank’s efforts to provide digital payment channels to retail customers while offering payment and collection platforms to businesses.
Azhar of JS Bank said through this partnership, JS Bank aims to enable an inclusive financial system for customers who are currently unable to engage in e-commerce transactions due to lack of a debit or credit card.
"Our customers are now free to make online payments via their account thereby providing a seamless and frictionless customer experience. Furthermore, we foresee considerable potential for online payments collection and this partnership will play a key role in that effort.”
Haider Wahab of NIFT said Pakistan’s digital payment space continues to grow exponentially over the last decade.
"NIFT has been providing dependable clearing services to the financial industry over the past two decades. In the e-commerce space NIFT is creating a reliable, secure, and interoperable digital payments eco-system NIFT ePay platform which enables different digital payments use cases in Pakistan."
With this collaboration, JS Bank & NIFT have allowed customers to access digital payments through NIFT platforms.
