Egypt’s Paymob To Start Operations In Pakistan

Paymob, an Egyptian digital payments service, aims to launch operations in Pakistan this month to capitalize on a sector that recently witnessed an investment frenzy in startups, reported Bloomberg.

In addition, the business intends to expand its tap-on-phone payment service in Pakistan, which was recently launched in its home market in collaboration with MasterCard Inc.

This development comes as the startup ecosystem in Pakistan, the world’s fifth-largest nation, broke records with more than $350 million in investments last year.

According to Islam Shawky, CEO and co-founder of Paymob, Pakistan’s digital payments infrastructure is limited with just over 80,000 POS terminals and fewer than 3,000 e-commerce gateways. He said, “Our focus is small and medium enterprises that are a cornerstone of the economy but underserved. There is a huge gap in emerging markets”.