fbpx
  • Region
    • Pakistan
    • UAE
    • Saudi Arabia
    • Qatar
    • Bahrain
    • Oman
    • Kuwait
  • About
  • Press Kit
  • Media Pack
  • Contact
CEO Times
No Result
View All Result
Sunday, October 1, 2023
29 °c
Lahore
30 ° Mon
31 ° Tue
31 ° Wed
31 ° Thu
  • Home
  • Business News
  • Startup News
  • Lifestyle
  • Databank
  • CirclesJoin Now
  • Home
  • Business News
  • Startup News
  • Lifestyle
  • Databank
  • CirclesJoin Now
CEO Times
No Result
View All Result

Home » Sector » FinTech » Bayfikr making payments in Pakistan easier for overseas Pakistanis

Bayfikr making payments in Pakistan easier for overseas Pakistanis

26 March 2021
in FinTech
Reading Time: 2 mins read

Bayfikr, a global fintech company currently incubated at the National Incubation Center, has huge ambitions to challenge existing remittance solutions. With Bayfikr, Pakistanis living abroad will be able to pay utility bills, school fees, hospital bills, and payments to other businesses in Pakistan directly, instantly, and safely, using their foreign account or passport.

Bayfikr was created by two Pakistani expats who were frustrated by the lack of control, inconvenience, unintended delays, and additional legwork needed by Pakistanis living abroad while sending money to their families or other recipients in Pakistan. They realized that none of the existing “cookie cutter” remittance solutions was appropriate for today’s expat Pakistani.

“Pakistanis living in the UAE or the UK must take time out of their busy schedules to physically visit an exchange house or a Pakistani bank to remit funds to their families in Pakistan,” says Bayfikr CEO Rascim Khattak. This remittance is often in cash, which must be received in person by a family member and used for their monthly expenses. If the biller is serviced by that bank, they must first transfer money to a Pakistani bank account via an app, wait for the funds to arrive, then login to that Pakistani bank account and pay a bill or a company. Both cases are indirect, time-consuming, and costly.”

Bayfikr aims to give hardworking Pakistanis living abroad much-needed influence over the money they send home. Instead of sending cash to relatives or depositing money in a local bank account, they would be able to make their mortgage payments with only a few taps, bypassing the need for help from family back home.

Bayfikr is currently working on a special and user-friendly payment app that will connect almost all Pakistani billers and businesses. A user can simply pick the bill they want to pay with their foreign bank account or card via the app, and the payment will be made instantly. The business has strategic partnerships with banks, payment gateways, and enforcement partners in the United Kingdom, the United Arab Emirates, and Pakistan. They also want to extend to other areas of the world in the near future.

Source: Phoneworld

Related Posts

Bahrain FinTech Bay & The Family Office

Bahrain FinTech Bay & The Family Office partner to transform wealth management

18 September 2023
State Bank of Pakistan (SBP)

OPay receives SBP’s approval to acquire Finja

14 September 2023
Israel and Bahrain Officials

Israel & Bahrain collaborate to boost fintech sector

5 September 2023
Mudassar Aqil

MTN Group appointed M. Mudassar Aqil as Group Executive for Banktech

15 August 2023
Next Post

Govt empowers officials to act amidst impending sugar crisis

ADVERTISEMENT

Copyright © 2023 CEO Times (SMC-Private) Limited

  • Privacy Policy
  • Terms & Conditions
  • Sitemap
No Result
View All Result
  • Home
  • Business News
  • Startup News
  • Lifestyle
  • About
  • Contact
  • Media Pack

Copyright © 2023 CEO TIMES (SMC-Private) Limited