YPay, a convenient digital platform for customers to digitally invest in asset management portfolios (mutual funds), has entered into an agreement with National Institutional Facilitation Technologies (NIFT), one of Pakistan’s largest payment processors, to allow digital payments (mobile/electronic commerce payments) through the DFS platform of NIFT under the brand name ‘NIFT ePa’ The partnership will allow customers to use NIFT ePay services using YPay’s digital platform to invest in asset management portfolios.
In the recent past, both organisations have concentrated on facilitating digital transactions. NIFT ePay has created an interoperable and stable digital trade payment gateway that works with any bank account or wallet in Pakistan, and YPay has successfully obtained permission from the Securities and Exchange Commission of Pakistan to operate as an independent distributor of online mutual funds in the country through its Regulatory Sandbox. This provides all these entities with an ability to digitize a particular use case and to eliminate an investor’s manual processes.
The agreement was signed at the headquarters of National Institutional Facilitation Technologies in Karachi by Haider Wahab, CEO of NIFT, and Sarfraz Shahid Hussain, co-founder and CEO of YPay Financial Services (Pvt Ltd).
“NIFT CEO Haider Wahab said, “YPay is another unique use case that is allowed with the ePayment Gateway of NIFT and we are really excited to allow these distinct use cases. NIFT will still concentrate on working with creative and groundbreaking ideas that will improve Pakistan’s digital transformation. We believe these young entrepreneurs and start-ups have a lot of potential and will be instrumental in bringing about change, and these promising entities will continue to be funded by NIFT.
“Sarfraz Shahid Hussain, Co-Founder and CEO of YPay Financial Services (Pvt Ltd) said on the occasion, “The ePayment Gateway of NIFT will play an instrumental role in easing mutual fund investments. With the aid of the ePayment Gateway of NIFT, YPay, for the first time in Pakistan, allows 1-tap investments from its bank accounts into mutual funds. We look forward to working with NIFT and their country-wide bright vision.