2 min read
JazzCash, the premier fintech platform in Pakistan, has formed a strategic partnership with Veem, a San Francisco-based organization. The primary objective of the partnership is to integrate Veem’s payment infrastructure into the JazzCash Business platform.
This integration allows Pakistani companies to send and receive international payments in a variety of currencies directly from the JazzCash app. It is especially designed for small and medium-sized enterprises (SMEs) and freelancers who are in search of high-speed, low-cost cross-border transactions.
JazzCash-Veem Vow To Deliver Bulk Payments, Multi-Currency Support
The core advantage of this partnership lies in its expanded functionality: bulk payment capabilities, multi-currency exchanges, and improved compliance tools.
With Veem’s technology, JazzCash users can initiate wire transfers to various countries in a single transaction. Which will allow them to benefit from competitive exchange rates and reduced remittance delays.
Through this partnership, businesses in the U.S. and Canada can send payments directly to recipients in Pakistan, simplifying international transactions from this region significantly. Freelancers can generate payment requests or invoices and receive payments directly into their JazzCash accounts, with real-time tracking.
Financial Inclusion and SME Growth
JazzCash business leaders say the move supports Pakistan’s growing digital economy. By empowering small businesses and freelancers, the joint platform aims to reduce friction. They also hope to eliminate the reliance on traditional banking corridors.
This aligns with the recent surge in digital wallet usage; nearly 270 million transactions processed year-over-year, marking a 134% increase to date.
JazzCash-Veem Partnership Aligns With Wider Fintech Trends
The signing of this agreement is consistent with JazzCash’s ongoing endeavors to enhance its payment infrastructure. In October 2024, Jazz collaborated with Dgpays to enhance its e-commerce gateway, thereby enhancing the overall checkout experience for online merchants, as well as fraud detection and speed.
Furthermore, JazzCash collaborates with Mastercard to facilitate QR-code and tap-to-phone payments, thereby emphasizing its dedication to the advancement of mobile-first payment systems.
