Paymob is an Egyptian digital payments service company that aims to launch operations in Pakistan this month to take advantage of the sector. Paymo has recently seen a growing craze for investing in startups. As reported by Bloomberg.
In addition, the business plans to expand its tape-on-phone payment service in Pakistan, which was recently launched in its home market with the support and guidance of MasterCard Inc.
These developments and results come at a time when the startup ecosystem in Pakistan, the world’s fifth-largest nation, broke records last year with an investment of over 350-350 million. The Cairo-based startup of Paymo, which conditionally allows online companies and offline merchants to receive and transfer payments, has excellent clients and trust to support its expansion plans.
Some of the company’s outstanding clients are LG Corp., Samsonite International SA, and Uber Technologies Inc.
Islam Shaki, CEO, and co-founder of Paymob, said that Pakistan’s digital payments infrastructure is limited to more than 80,000 POS terminals and less than 3,000 e-commerce gateways. “Our focus is on small and medium enterprises which are the cornerstone and importance of the economy but their services are scarce.
There is a huge gap in emerging markets,” by Paymo CEO, adding that the firm intends to Pakistan has 100,000 traders in the first two years and is currently operating in Egypt, Jordan, and Kenya, with plans to reach Saudi Arabia later this year.
