Published by Business Recorder on Friday, October 09, 2015
President and Co-Founder, Inov8 Limited Bashir Sheikh has claimed that the estimated share of e-commerce in the Pakistani market “is $60 million with most Internet payments being made informally. This number is expected to grow up to $500 million by 2017.” His briefing came to a selected group of journalists on Thursday about partnership of the Inov8 and the Monami, a financial tech company that operates the Global Payment Hub and focuses on emerging markets.
Chairman Monami Ammar Afif and Strategy and Operations Director Monami Hyder Mumtaz were present. President Sheikh said, “With the Cardwalla service, we are providing a convenient means to pay through formal channels. An industry Game changer Inov8 Limited, Pakistan’s premier mobile commerce and payments provider, has partnered with the Monami, a leading aggregator operating in North America and the region, to offer Net payments in Pakistan. This is the first time that such a large portfolio of internet payments, including leading names such as Google Play Store, Apple App Store and iTunes, Skype, Netflix, PlayStation, Steam, Xbox Live, and World of Warcraft payments amongst more than 50 others, are being made available locally to Pakistani customers under the name Cardwalla.”
He also said the Inov8′s All Pay platform was being used to make these payments available to Pakistani customers through all banking channels in Pakistan including Mobile Banking, Branchless Banking, Internet Banking, ATM’s, POS, as well as Bank and Retail counters against cash. “The Inov8 has been working to grow the mobile payments industry in Pakistan since 2004. Today we have one of the largest offerings of products and services as well as one of the biggest client portfolios in the region.”
Chairman Afif said launching the Card walla service for Net payments through our All Pay platform was in line with “our vision to change the way payments are made today to bring ultimate convenience to the end consumer”. “All Pay is an open aggregation platform available to all Banks and Retailers designed to allow consumers to make payments conveniently. The Monami looked at the Pakistani market and found that consumers were lacking in comparison to others in similar markets in terms of product breadth and accessibility. We are enabling the Pakistani consumer to become a global consumer and access international products. This is the first phase of Monami’s roll out of a 100% free home remittance option for Pakistanis around the world.”
Tags: emerging markets, Skype, ecosystem, Microsoft, Global Payment Hub, mobile payments, Gilt, economy, Monami, Bashir A. sheikh, mobile commerce, Xbox Live, Inov8 Limited, Apple App Store, PlayStation, credit card, Xbox, logistics, news, finance, branchless banking, Nintendo, game, Google Play Store, m-commerce, internet banking, iTunes, World of Warcraft, mobile banking, internet payments