Bank Alfalah and National Institutional Facilitation Technologies (NIFT) would collaboratively provide digital financial services platform NIFT ePay, an industry first, to enable e-commerce payments across the banking industry, a statement said on Wednesday.
Bank Alfalah would be the settlement bank for NIFT ePay merchants, who would be able to access its payment gateway – Mastercard’s MPGS – for card transactions.
Bank Alfalah President and CEO Atif Bajwa welcomed the initiative and said it would help grow the payments market significantly. “NIFT has been a key partner for the bank for a long time and I am happy to note our relationship is getting further strengthened through yet another milestone for the industry,” he added.
NIFT CEO Haider Wahab said, “NIFT ePay has gained good momentum and has started its journey towards digitalising the ecommerce payments in Pakistan through partnerships with leading banks. We feel the industry is ready to embrace a change and are opening up to innovate and disrupt the payments space.”
Bank Alfalah takes a lead through this partnership in expanding payment options not only for its own account holders, who were now enabled for ecommerce, but also for industry wide account holders by connecting its ecommerce merchant base to NIFT ePay.