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Dubai Islamic Bank Pakistan, Tapsys Services, and PayNet join hands for Merchant Acquiring Payments

Karachi: Dubai Islamic Bank Pakistan, Tapsys Services, and PayNet signed agreement for strategic partnership on POS and E-Commerce Acceptance of UnionPay and PayPak cards. Main objective of the agreement is to target new consumer segments, encouraging conversion to digital payments. This collaboration will act as a connection between merchants, issuers, and payments.

Dubai Islamic Bank Pakistan will serve as an Acquiring Bank for Point of Sale (POS) & E-Commerce transactions and will perform settlement services to the merchants in partnership with Tapsys as an outsource service provider of Network Access Controller with its top-notch Gateway, Services and platform. PayNet – the merchant aggregator working on behalf of the Banks and Tapsys with the aim to provide digital payment acceptance at the local merchants with their state-of-the-art POS Terminals vis a vis merchant relationships. This partnership will further enhance easy & seamless merchant onboarding services in Pakistan.

The agreement was signed by Mr. Syed Zaka Ur Rehman, Chief Digital Officer, Dubai Islamic Bank Pakistan, Mr. Karim Jindani, CEO, Tapsys and Mr. Mohammad Amer, CEO, PayNet in the presence of their teams and partners.

On the occasion, Mr. Karim spoke “The joint effort aspires to invade and revolutionize the payment system by creating a digital infrastructure.”

In addition, Mr. Zaka said, “This collaboration has great potential to evolve as a dominant player in Pakistan’s payments landscape.

Mr. Amer said, As PayNet we are committed to build a digital value chain for our retailers. As a Fintech and in collaboration with Dubai Islamic Bank and TAPSYS we bring innovation in payments for both large and small businesses.

The signing with the prominent players, marks the liftoff of a collaboration aggressively aiming to accelerate digital payments in Pakistan.