SadaPay, a Pakistani fintech company, has integrated Apple Pay and Google Pay into its SadaBiz freelancer account. This makes SadaPay the first fintech in Pakistan to offer Apple Pay as a payment option.
Apple Pay and Google Pay offer secure and easy mobile payment service. SadaPay has now enabled freelancers in Pakistan to expand their payment options, making it convenient to receive payments from clients around the world.
SadaPay is a digital wallet in Pakistan which offers a MasterCard debit card. The fintech aims to simplify banking for individuals and businesses in the Asian country of 241 million.
Why Apple Pay?
- Apple Pay is the world’s largest and fastest-growing mobile wallet, with over 550 million active users worldwide. Apple’s reach is massive with 2 billion active devices, including iPhones, iPads, Macs and Apple Watches, globally.
- In comparison, PayPal had 426+ million active accounts globally in 200+ markets in 2022.
- For SadaBiz invoices, SadaPay has also enabled Google Pay which has 150 million users globally.
How it works?
SadaBiz users can now generate a payment link and send it to their clients via WhatsApp or email. The client can then simply click the link and choose Apple Pay as the payment method to complete the transaction in seconds.
Why is this important for Pakistan?
This is a significant development for Pakistani freelancers, who have long struggled to receive payments from international clients due to limited digital payment options and the absence of widely-used PayPal. Previously, freelancers had to rely on payment processors that charge high fees and can be difficult to use.
The integration of Apple Pay into SadaBiz is a win-win for both freelancers and clients. Freelancers will be able to receive payments quickly and easily, without having to pay high fees. Clients will be able to pay freelancers with a trusted and convenient payment method used by millions around the world.
This is a huge opportunity for Pakistan as more companies are looking for skilled freelance writers, coders, developers, graphic designers, and other professionals to help them grow.
“Our vision is clear: the future of work for Pakistani youth lies in freelancing,” says SadaPay CEO Brandon Timinsky. “The integration of Apple Pay is a monumental stride in realizing this vision. This initiative not only unlocks employment prospects for our skilled youth but also plays a crucial role in funneling valuable foreign exchange into Pakistan.”
Benefits of Apple Pay and Google Pay integration
SadaPay is a relatively new fintech startup, but it has quickly become a popular choice for Pakistanis. The company’s SadaBiz freelancer account offers a number of features including low fees, competitive foreign exchange rates, and a user-friendly platform.
After Mastercard and Visa cards, SadaPay’s integration of Apple Pay and Google Pay in the app will make it easier for Pakistani freelancers to receive payments from international clients. It will help boost the economy, create jobs, and showcase country as a progressive and innovative nation. Here are some key benefits of the integration of Apple Pay into SadaBiz for Pakistan:
Boost economy: When Pakistani freelancers receive payments from international clients, they are bringing foreign currency into the country. This helps to strengthen the local currency and boost the Pakistani economy.
Create jobs: The more freelancers who are able to work with international clients, the more jobs will be created in Pakistan. This is especially important in a country with a high unemployment ratio and a massive young population.
Cashless society: It reduces the need for cash transactions. This can also help minimize crime and corruption.
Financial inclsuion: The move will promote financial inclusion, increasing people’s access to financial services, such as banking and credit. Historically low, Pakistan’s financial inclusion levels recently improved reaching 30% in 2022, according to Karandaaz survey.
Pakistan does not have PayPal or Stripe yet. The government has been working on bringing these systems for several years, but there has been no significant progress so far.
Digital Wallet key stats
- In 2022, the global total value of digital wallet transactions was $7.5 trillion.
- The global mobile payment market valued at $53.5 billion in 2022 is estimated to grow about $607 billion by 2030.
- PayPal, Google Pay, and Apple Pay are the most popular digital wallets in the United States.
- In China, the most popular mobile wallets are Alipay and WeChat Pay.
Expanding Digital Payment horizons
Pakistan’s tech leaders and freelancers have consistently advocated for the expansion of Paypal, Square, and Stripe services in Pakistan. Small businesses and freelancers often face hurdles due to the absence of standard digital payment systems. Without these platforms, users are forced to resort to less reliable alternatives, such as wire transfers and third-party gateways, often incurring high fees and longer transaction times.
Pakistan is the fourth fastest growing freelance market in the world and has a substantial number of small businesses who rely on online transactions for their earnings. The expansion of Apple Pay, Google Pay, Paypal, and Stripe to Pakistan is seen as a potential game-changer, offering financial inclusion to a wider audience and fostering the growth of the digital economy.
