Karandaaz and Vizpro Announce Strategic Partnership to Accelerate Digitization of Retailer to Distributor Payments in Pakistan
Karandaaz, a prominent organization at the forefront of promoting financial inclusion and driving digital transformation in Pakistan, is pleased to announce its strategic partnership with Vizpro, a leading player in the digital payments ecosystem. This collaboration aims to tackle a critical challenge faced by distributors and retailers across the country, which is the lack of easy access to e-money for digital payments. The partnership falls under Karandaaz’s esteemed “Pilot to Scale” program, a platform dedicated to fostering innovation and scaling up transformative projects in the financial sector.
The primary focus of this collaboration is to facilitate the digitization of retailer-to-distributor payments, introduce Raast IDs for merchants, and refine the existing business model while exploring a merchant lending framework. By streamlining these processes, the partnership aims to significantly enhance the efficiency, convenience, and security of digital payments, particularly within the Fast-Moving Consumer Goods (FMCG) sector.
Waqas ul Hasan, CEO of Karandaaz, stated,
At Karandaaz, our vision is to foster financial inclusion and catalyze digital transformation in Pakistan. We are thrilled to partner with Vizpro on this transformative initiative, as it aligns perfectly with our mission to empower individuals and businesses with seamless access to digital financial services. By leveraging Vizpro’s expertise in mobilizing digital payments ecosystems, we aim to revolutionize merchant payments and drive economic growth in the country. This partnership is a significant step forward in our journey to create an inclusive and resilient financial ecosystem that improves the lives of people across Pakistan.
Sharjeel Murtaza, Director – Digital Financial Services of Karandaaz, emphasized the significance of the partnership, stating,
At Karandaaz, our unwavering commitment lies in harnessing the potential of digital innovation for creating a vibrant and inclusive financial landscape in Pakistan. Our strategic partnership with Vizpro marks a significant leap forward in realizing this vision. By facilitating the adoption of interoperable digital payments, expanding the accessibility of the Vizlink App, and prioritizing a seamless user experience, our goal is to revolutionize digital payments for distributors and retailers across the country This partnership exemplifies our commitment towards enabling and scaling innovation for driving transformative change within the digital payments landscape.
Vizpro was chosen as the partner for this initiative because of their strong commitment and expertise in mobilizing digital payment systems. As a sister concern of a well-established distributor for Unilever Pakistan, Vizpro brings valuable industry knowledge and existing relationships with merchants. The initial focus of the partnership will be in Lahore, with plans to expand to other cities and towns across Pakistan. This expansion highlights the shared goal of Karandaaz and Vizpro to make a significant impact on the digital payment landscape, benefiting businesses and communities nationwide.
CEO Vizpro, Akbar Ayub Khan talked about the partnership saying,
Vizpro and Karandaaz collaboration is going to be key to scaling-up of Vizpro’s operations of digitizing the retail supply chain & helping retailers go cashless. Vizpro looks forward to benefit from Karandaaz’s expertise and presence in the digital finance space. I am confident that Vizpro’s in-depth knowledge of the distribution model and associated retail supply chain will enable it to tap various other opportunities in this area and open avenues of further long term engagement/collaboration with Karandaaz.
Under the scope of the project, Karandaaz and Vizpro will collaborate on scaling operations and business development, driving marketing and awareness of the Vizlink App, and enabling the Raast P2M (Person-to-Merchant) use-case. The aim is to create a seamless and efficient digital payments ecosystem that simplifies transactions for distributors and retailers while ensuring a user-friendly experience.