PayFast, the first payment solution in the country to receive Commercial Approval from the State Bank of Pakistan for payment gateway services, is pleased to announce that renowned digital insurance provider, Waada, has joined its growing client list. The partnership will allow Waada to accept digital payments through multiple instruments from its growing customer base.
PayFast allows companies to receive payments from their customers through bank accounts, mobile wallets and international and domestic scheme payment cards. The gateway functions with the utmost security, mitigating loss for its clients through industry standard fraud detection and PCI-DSS compliance. The company enables payment acceptance for various entities such as E-commerce merchants and retailers, freelancers, corporations and billing entities.
Waada is a challenger insurance platform working towards simple and affordable insurance. The company’s vision is to become an omni-channel insurance provider to help unlock the $5B untapped retail insurance sector of Pakistan. Their starting products are life, health and accidental – with the eventual goal to offer coverage for all aspects of an individual’s life. With a call center, multiple payment options, and localized distribution solutions, the Insurtech startup is well on it’s way to disrupt the insurance industry.
Speaking on the occasion, Mr. Adnan Ansari, Chief Business Officer – PayFast, said in a statement, “Waada is trying to bring positive change in the country as one of Pakistan’s very first digital insurance providers. By partnering with PayFast, they will be able to provide their customers with safe, cashless transactions. We are eager to welcome them as one of our esteemed clients and, together, look forward to advancing the norm of digital payments in Pakistan.”
Mr. Ishaq Kothawala, Chief Executive Officer – Waada, said, “PayFast and Waada have partnered to enable digital payments for an omni-channel insurance platform. Having PayFast onboard is just the move Waada required; their digitalized payment solutions are a step forward towards simpler insurance for the masses in Pakistan.”