Bayfikr Making Payments In Pakistan Easier For Foreign Pakistanis
Bayfikr, a global fintech company currently incubated at the National Incubation Center, has huge ambitions to challenge existing settlement arrangements. With Bayfikr, Pakistanis living abroad will be able to pay utility bills, school fees, hospital bills, and payments to other businesses in Pakistan directly, in a split second, and securely, using their foreign account or passport.
Bayfikr was made by two Pakistani emigrants who were frustrated by the lack of control, burden, unintended deferrals, and extra legwork required by Pakistanis living abroad while sending cash to their families or different beneficiaries in Pakistan. They understood that none of the current “cookie-cutter” remittance solutions was suitable for the present Pakistani emigrant.
“Pakistanis living in the UAE or the UK must take time out from their bustling timetables to physically visit an exchange house or a Pakistani bank to remit funds to their families in Pakistan,” says Bayfikr CEO Rascim Khattak.
This settlement is regularly in real money, which must be received in person by a family member and utilized for their month-to-month costs. If the biller is serviced by that bank, they must first transfer money to a Pakistani bank account via an app, wait for the funds to arrive, then login to that Pakistani bank account and pay a bill or a company. Both cases are indirect, time-consuming, and costly.”
Bayfikr aims to give hardworking Pakistanis living abroad a genuinely necessary impact over the cash they send home. Rather than sending money to family members or keeping cash in a neighborhood financial balance, they would have the option to make their home loan installments with a couple of taps, bypassing the requirement for help from family back home.
Currently, Bayfikr is in the final stages of launching a unique and user-friendly payment app, integrating almost all Pakistani billers and businesses. Through the app, a user can simply select the bill they want to pay using his/her foreign bank account or card, and the payment will be made instantaneously.