Safepay, A Fintech Company Based In Karachi, Receives Pilot License From SBP.

Safepay, a Karachi-based fintech, said on Tuesday that it has gained State Bank of Pakistan approval for pilot operations as a payment service operator/provider.

The pilot permission, which is the second stage toward acquiring a complete payment service provider license, was given because Safepay met the strict requirements of the SBP, according to a press release issued by the fintech.

Furthermore, it said that with the approval, Safepay would be able to expand its business and continue onboarding merchants.

The famed US-based accelerator Y-first Combinator’s Pakistani fintech graduate, Safepay, has just closed a new round of funding after having raised funds from a round that was led by Stripe.

According to the press release, Safepay will be able to “double down on the groundwork built in developing a world-class team, operations, and collaborations like this one with Cybersource” 

Safepay, A Fintech Company Based In Karachi, Receives Pilot License From SBP.

The startup has been in operation since 2019, and its main service for merchants is a one-window solution that enables users to pay online through the merchant website using their bank account, mobile wallet, and now, their Visa or Mastercard supported card.

To that end, Safepay also made public its affiliation with Visa’s Cybersource.

“Through card acceptance, Pakistani merchants can receive payments from their local and international customers. This is supported by a market-leading digital onboarding experience, easy-to-use technical integrations, focused customer support, and a powerful reporting dashboard that lets small and large businesses track their payments,” The press release reads.

Safepay co-founder Ziyad Parekh declared that the fintech was “eager” to see how its expanded service offerings may assist its merchants to expand their operations.

In the meantime, the collaboration with Safepay “allows us to ensure that we can provide merchants in Pakistan with access to high-quality security solutions that also include fraud management, payment acceptance, and security,” said Leila Serhan, Group Country Manager and Senior Vice President for North Africa, the Levant, and Pakistan at Visa.

According to Safepay Chief Business Officer Iman Urooj, the fintech might expand the number of its merchants with the pilot’s permission.