Neem launches embedded payment infrastructure in Pakistan

Neem, a banking-as-a-service platform (BaaS) has launched an embedded payment infrastructure for digital businesses in Pakistan. The company is keen on enabling the companies to benefit from embedded finance, thus filling the gap of financial wellness in the country. It has partnered with both local and global players including Mastercard, PayFast, Unikrew, AWS, and JS Bank to launch the aforementioned infrastructure in Pakistan.

BaaS is a model that enables non-financial firms to offer financial services to their customers by using APIs (application programming interfaces) to connect directly to banks’ systems. It is beneficial to all parties including the banks, businesses, and end users.

Neem’s embedded payment infrastructure in Pakistan

Neem’s payments infrastructure is helpful to businesses in reducing their operational costs, extending their reach to under-served regions, and having additional revenue streams related to financial services. As Pakistan experiences broad digitization, there is a growing demand for financial services and digital offerings.

Even with this demand, fragmented payment systems remain a key challenge. In addition to hindering the growth of the digital enterprises, they yield operational inefficiencies as well as delay in revenue collection. As a BaaS platform, Neem seeks to deal with these issues via the introduced embedded payment infrastructure.

More specifically, digital businesses will be able to link or create bank accounts of their customers with Neem’s APIs. The embedded payment infrastructure will also include a payment gateway that facilitates seamless and secure payments. This is in addition to the card-issuing API that will enable businesses to offer virtual, co-branded, and physical debit cards to their customers directly from the platform. Besides, Neem’s business payments solution will enable businesses to automate receivables and streamline their collection and reconciliation processes.