Kuickpay has announced a strategic partnership with Visa, the world leader in digital payments, to launch an innovative Business Payment Service Provider (BPSP) platform. This collaboration aims to modernize business-to-business (B2B) payments and invoice financing across Pakistan.
The new platform is set to empower businesses in Pakistan by digitizing and optimizing their vendor payments, addressing key market challenges, and driving financial efficiency. It addresses key challenges in the current B2B landscape, such as limited liquidity, low card acceptance among vendors and SMEs, and time-consuming manual reconciliation.
Through this partnership, businesses can now use Visa Commercial Cards to pay suppliers directly into their bank account, reducing DSO (Days Sales Outstanding). The platform also expands card acceptance, enabling more vendors and SMEs to receive digital payments, expanding payment flexibility and convenience.
The platform also offers automated reconciliation and real-time invoice tracking, streamlining financial processes and reducing administrative burdens.
“At Kuickpay, we are committed to transforming the B2B landscape by addressing significant inefficiencies in the current financial ecosystem that hinder business growth. Having closely analyzed the local market, we’ve pinpointed key challenges in business payments, and by applying our deep expertise in digital financial solutions combined with Visa’s trusted global infrastructure, we are uniquely equipped to deliver meaningful and lasting impact.,” said Syed Saqib Ali, CEO of Kuickpay.
Umar S. Khan, Country Manager, Pakistan & Afghanistan, Visa, added, “According to the State Bank of Pakistan, digital payments transactions crossed 2 billion mark in the last quarter, with its share reaching to 89% in total retail payments[1]. Despite this momentum, a large share of Pakistan’s B2B payments remains cash-based and inefficient. With Kuickpay’s BPSP platform and Visa’s infrastructure, we’re enabling businesses to digitize vendor payments and unlock working capital – helping SMEs thrive in a rapidly evolving digital economy.”