JazzCash, a prominent Pakistani fintech organization, has announced a groundbreaking partnership with du Pay, an Emirati financial services provider, aimed at facilitating cross-border payments. This collaboration, marked by the signing of a memorandum of understanding (MoU), signifies the first-ever alliance between a Pakistani fintech entity and du Pay, intending to simplify payment transfers from the United Arab Emirates (UAE) to Pakistan.
The Gulf nation is home to a significant Pakistani expatriate community and stands as the second-largest contributor of remittances to Pakistan, following Saudi Arabia. In March alone, remittances from the UAE to Pakistan totalled $548 million, underscoring the importance of this collaboration in streamlining financial transactions for both individuals and businesses.
Aamir Ibrahim, CEO of Jazz, the parent company of JazzCash, said remittances from Pakistani expats were vital to Pakistan. This collaboration would help ensure these contributions had a lasting impact on Pakistan’s economic stability.
“We are committed to using technology to enhance financial inclusion,” Ibrahim was quoted as saying in a JazzCash statement. “Our partnership with du Pay simplifies payments for Pakistanis everywhere, emphasising our role in boosting economic growth.”
du Pay, licensed by the UAE Central Bank, offers a comprehensive range of services, including international money transfers, peer-to-peer (P2P) transfers, mobile top-ups, bill payments, and salary deposits through an IBAN. Through this collaboration, both JazzCash and du Pay aim to explore new avenues of cooperation, leveraging their respective strengths to drive innovation and expand JazzCash’s presence in the UAE markets.
“As a leading digital telco, we are committed to delivering exceptional services and solutions to our customers, and we believe this partnership between du Pay and JazzCash, a leading mobile money operator in Pakistan, will ensure a streamlined customer experience with great benefits,” said Fahad Al Hassawi, CEO of du.
“du Pay will offer a simplified and secure digital service that will advance financial inclusion and positively impact the lives of Pakistani nationals.”
The partnership between JazzCash and du Pay signifies a significant step forward in cross-border payment solutions, promising enhanced accessibility, efficiency, and security for individuals and businesses conducting transactions between the UAE and Pakistan. Through strategic collaboration, both organizations aim to contribute to financial inclusion and drive economic empowerment in their respective markets.