Since Pakistan has begun digitizing its economy, a number of new competitors have entered the market with goods that could change the way we pay and receive money.
The other product under development is a new payment app called ‘Foree’ which is scheduled to be released in May of this year.
According to Murtaza Hashwani, CEO of Pakistani conglomerate Hashoo Group, and Chairman of the Foree board, quoted Arab News, “You no longer need to carry cash because your bank account is connected, your debit card and credit card are linked, so you just need to carry your phone which has the app and you can perform any transaction with it.”
Hashwani claimed that the launching of Foree would increase the number of females and young entrepreneurs joining the market. More women and young entrepreneurs would be able to start a company and perform transactions if the point of sale is enhanced.
As an example, when it comes to women who want to make clothing or handicrafts, many times they are thinking about how to exchange money. From a mobile phone and the application, they can send and receive money, and this can happen around the world, he explained.
According to Hashwani, the app will generate almost 100,000 jobs in Pakistan over the next few years.
“We are now ready, and we are in the process of preparing our first launch, which will take place in May, in Pakistan,” he announced. Hashwani announced that the app is now integrated with all of Pakistan’s major banks and will soon be published via Meezan Bank.
The aim is to gain market share in the Middle East, a region with a large Pakistani Diaspora, and then use it in the global market.
Hashwani stated that the licencing process was particularly difficult. We were told that in order to obtain a licence, the servers had to be hosted in Pakistan, as everything, including personal data, is stored here.