Bank Alfalah introduces QR Payment Solution with SnappRetail - Press Release issued by Bank Alfalah Limited.

Karachi -- January 18, 2023 (PPI-OT)

Following is the text of press release issued by Bank Alfalah Limited

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Bank Alfalah, continuing its efforts to digitize the retail landscape of Pakistan, has entered into an aggregator partnership with SnappRetail. This partnership is designed to accelerate merchant acquiring activities and to encourage digital payments at the point of sale (POS). Under this collaboration, merchants acquired by SnappRetail will be onboarded to the QR (Quick Response) payment system of Bank Alfalah, bringing cash-oriented merchants into the fold of the documented economy.

The newly acquired merchants will be registered on Alfa Business Application. The app offers a smooth in-app registration process that only requires a merchant's valid CNIC. Moreover, the application's seamless payment system requires the merchant to accept payments by getting the customers to scan QR codes generated in-app, eliminating the need of handling cash.

Furthermore, merchants have the liberty of setting up an e-shop to monitor sales, inventory, and business transactions in real time within the App. Customers can further avail "Buy now Pay Later" facility on QR payment with a minimum order of PKR 3,000 and easy installments of up to 12 months.

The Alfa Business App allows retailers to accept payments from 17 different banking applications and is integrated within the banking system to ensure fund settlement within 24 hours. Retailers can also avail an in-app, one-tap "Merchant Financing" facility where loans can be processed instantly to improve their liquidity.

The loan amount can be secured up to 50% of the business' transactional volume, and merchants can avail the lowest markup in the industry with zero paperwork involved. Speaking about the partnership...