Egypt’s Paymob to Soon Launch Operations in Pakistan

An Egyptian digital payments service provider for businesses, Paymob, is launching its services in Pakistan for the first time. Paymob’s vice president of global business development, Mr. El Gammal stated, “We feel we can become an important player in the MENAP [Middle East, North Africa, and Pakistan] region.” “This is the territory we intend to claim, stretching from Morocco to Pakistan.” We want to follow through on our promise to help SMEs all around the area.”

According to McKinsey & Company, the Covid-19 pandemic has expedited a drop in cash payments, providing new digital revenue opportunities, with the Asia-Pacific region being the largest and fastest-growing payments revenue region for several years.

Egypt’s Paymob to Soon Launch Operations in Pakistan

According to the worldwide consultancy, the global payments sector is set to resume its long-term development trajectory after experiencing its first contraction in 11 years in 2020 as a result of the Covid-19 outbreak. The industry’s revenue declined 5% year over year to $1.9 trillion in 2020, but McKinsey forecasts a return to historical mid-single-digit growth rates, with global payments revenue of around $2.5 trillion in 2025.

Paymob, which was founded in 2015 by Islam Shawky, Alain El Hajj, and Mostafa Menessy, allows online and offline retailers to accept electronic payments from their customers through a variety of products and services.

The start-up is one of the numerous Egyptian FinTech companies pushing the country’s transition to a digital economy and cashless society, which is being aided by new central bank regulations and the country’s 2030 national agenda.

According to data gathered by analytics platform Magnitt, funding for Mena FinTech start-ups increased by a record 183 percent in 2021. Egypt ranked second in the region in terms of venture capital deals, with FinTech accounting for 17% of all deals done.

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