Payoneer partners with Meezan Bank to optimise cross-border payments

Following this announcement, Meezan Bank’s customers can now link their Payoneer accounts to the bank’s mobile app to make real-time withdrawals in multiple currencies directly into their local receiving accounts. The two companies remain committed to operating in their customers’ best interest while remaining compliant with local and international regulatory standards.

Optimising cross-border payments in Pakistan

This collaboration comes at a pivotal time in Pakistan’s digital economy, which continues to grow. The nation’s IT exports reached USD 3.2 billion in FY 2023 - 2024, a 24% YOY increase from the previous fiscal’s USD 2.59 billion. The country’s freelance worker community contributed USD 350 million to the country’s foreign exchange reserves.

The app integration allows businesses in Pakistan to receive funds from clients, vendors, and marketplaces worldwide, enabling them to be local for their customers, regardless of where they are. Meezan Bank customers will also access benefits including multi-currency balance monitoring, transparent FX rates, no hidden costs, prepopulated personal details, quick authentication via SMS, and a straightforward account-linking process.

The integration offers a Proceeds Realisation Certificate (ePRC), a document provided by Meezan Bank for regulatory adherence, tax filing, and securing export rebates, issued with every transaction. This will address a legal requirement for customers engaged in export services.

Through this collaboration, Payoneer aims to offer Pakistani businesses access to financial management tools that will support their global expansion and help them grow alongside the evolution of Pakistan’s export landscape. Payoneer chose Meezan Bank for its digital infrastructure and expertise in the interconnected global economy. The integration highlights the companies’ shared commitment to fostering financial inclusion, driving innovation, and supporting the country’s digital economy in alignment with Islamic financial principles.