Bayfikr, an international fintech startup, currently incubated with the National Incubation Center, has big dreams of disrupting current remittance solutions. With Bayfikr, overseas Pakistanis will now finally be able to pay utility bills, education fees, hospital payments, and payments to other businesses in Pakistan directly, instantly & securely, using their foreign account or card.
Bayfikr was founded by two Pakistani expats out of sheer frustration over the lack of control, inconvenience, unintentional delays, and additional legwork required by Pakistanis abroad in sending money into Pakistan, whether it is to their families or otherwise. They realized that none of the current ‘cookie cutter’ remittance solutions suit the modern expat Pakistani.
Bayfikr’s CEO, Rascim Khattak notes, “Pakistanis living in UAE or UK, have to take out time from their busy schedules to physically visit an exchange house or a Pakistani Bank to remit funds to their families in Pakistan. This remittance is mainly in the form of cash, which must then be collected by a family member in person to use for their monthly expenses. Otherwise, they must first send money to a Pakistani bank account through an app, wait for the funds to arrive, then login to that Pakistani bank account and finally pay a bill or a business, if the biller is serviced by that bank. Both cases are indirect, take time and are expensive.”
Bayfikr aims to give hard working overseas Pakistanis much-needed control over funds they send to their families. Now, instead of just sending cash to their loved ones or to a local bank account, they will be empowered to make their home payments in just a few clicks, eliminating the involvement of family back home.
Currently, Bayfikr is in the final stages of launching a unique and user-friendly payment app, integrating almost all Pakistani billers and businesses. Through the app, a user can simply select the bill they want to pay using his/her foreign bank account or card, and the payment will be made instantaneously. The company currently has presence in the UK, UAE and Pakistan and has signed strategic tie ups with banks, payment gateways and compliance partners. They also plan to expand to other parts of the globe very soon.