Faysal Bank and ZoodPay
partner to launch the first-of-its-kind
Virtual Installment Card in Pakistan
ZoodPay, via its subsidiary, Tez Financial Services, partners with Faysal Bank to launch a virtual card for its installment solution for e-commerce in Pakistan
This offering will allow ZoodPay to scale its offerings and provide installment solutions to customers and merchants anywhere, anytime without being restricted exclusively to the Zood network.
Karachi, Pakistan – 19 September 2022
ZoodPay, a leading digital lending platform for e-commerce in the Middle East and Central Asia, has partnered with Faysal Bank, via its recently acquired Pakistan subsidiary Tez Financial Services, to launch the first of its kind Virtual Installment Card in Pakistan.
Through this partnership, Faysal Bank and ZoodPay will be able to move ahead in the mission of expanding financial inclusion and digital penetration in Pakistan targeting the underbanked population. With the introduction of the Virtual Installment Card, ZoodPay will be able to scale its offerings and provide installment solutions to customers and merchants anytime and anywhere without being restricted exclusively to the Zood network.
ZoodPay will launch the Virtual Installment Card across multiple markets starting with Pakistan, where Faysal Bank will serve as ZoodPay’s BIN sponsor and partner bank to facilitate ZoodPay’s merchant enablement ecosystem entailing end-to-end digitization of MSMEs/ SMEs.
Fintech Express program from Faysal Bank is focused on identifying and fostering Fintechs and Startups with promising, high-potential innovative technologies from Mastercard that accelerate and facilitate the entire digital payment journey for Fintechs.
Speaking at the signing ceremony, Mr. Shaheryar Saeed Khan, Chief Digital Officer, FBL said, “Faysal Bank is eager to create partnerships and support EMIs and Fintechs in Pakistan. This agreement with ZoodPay is a testament to our commitment to offer innovative solutions to develop and expand the digital ecosystem for Fintechs and startups in the country.”
Commenting on the partnership, Ms. Naureen Hyat CEO, Tez Financial Services (ZoodPay Pakistan), said, “This collaboration will enable us to build upon Faysal Bank’s payment rails to scale an agnostic lending platform where consumers will be able to transact in installments anywhere, anytime without being restricted exclusively to the Zood network of online and offline stores. We continue to focus on developing and strengthening ecosystem partnerships with multiple players that bring expertise and economies of scale in their respective domains.
The signing ceremony held at Faysal Bank Head Office Karachi was also attended by Fahad Mirza, Head of Digital Products & Channels at Faysal Bank, Michael Khoi, Founder of ZoodPay, and Humza Hussain, Chief Operating Officer of ZoodPay Pakistan.
Faysal Bank Limited was incorporated in Pakistan on October 3rd, 1994, as a Public Limited Company under the Companies Ordinance 1984. The Bank’s shares are listed on Pakistan Stock Exchange. Faysal Bank is engaged in Commercial, Retail, Corporate, and Islamic banking activities.
ZoodPay, headquartered in Switzerland, is a leading digital lending platform for e-commerce in the Middle East and Central Asia serving the underbanked merchants and consumers. ZoodPay recently ventured into Pakistan with the acquisition of Tez Financial Services, and it is expanding its footprint in the country through an end-to-end ecosystem with digital lending, e-commerce and e-logistics services