Neem’s new embedded payments infrastructure aims to enable financial wellness for the underserved in Pakistan and across emerging markets, leveraging the powerful model of embedded finance.
In the face of challenging macroeconomic indicators, the Pakistani economy remains steadfast in its journey toward widespread digitalisation across various sectors, including retail, logistics, agriculture, mobility, and others, as per the press release. This transformation is supported by a shift in consumer needs, as they embrace digital products and financial services at a faster pace.
Nonetheless, the fragmented payment systems continue to pose significant challenges for digital businesses in Pakistan. These systems hinder their growth and cause issues with delayed revenue collections and costly operational inefficiencies.
Neem, a Banking-as-a-Service platform, is committed to addressing challenges related to fragmented payment systems and limited access to digital financial services. They have developed an embedded payments infrastructure designed to facilitate growth for digital businesses. Neem offers a plug-and-play payments solution that helps digital platforms expand, improve customer relationships, cut operational costs, and generate revenue.
The payments infrastructure also enables digital platforms to increase their user base altogether by seamlessly taking financial services to previously untapped consumer segments. Whether it's facilitating digital purchases of agricultural supplies or ensuring prompt settlements for gig-economy workers, the fintech enables these financial interactions effortlessly.
Commenting on this development, Neem’s officials said their goal is to address the existing financial wellness gap in Pakistan, and they are doing so by enabling digital businesses to leverage the power of embedded finance. Neem's payments infrastructure helps businesses and platforms expand their presence into underserved communities, create new revenue streams around financial services, and lower their operational expenses. It's all about banking with one platform.
To make these financial services seamless, Neem manages all the complexities behind the scenes — from compliance and partnerships, to technical integrations and reconciliation — allowing digital businesses and brands to focus on their customers.
Neem offers a comprehensive banking-as-a-service solution for digital businesses, equipping them with various embedded features. These features include:
Accounts: Digital businesses can create or connect bank accounts for their customers through Neem's APIs, enhancing their services with features like transfers, bill payments, cards, and more. Various account options are available to meet user-specific needs;
Payment Gateway: Neem's gateway API provides a seamless payment solution for digital platforms, ensuring secure and efficient payment processing directly within their systems;
Cards: Businesses can utilise Neem's card issuing API to offer physical, virtual, and co-branded debit cards to their customers. These cards come with eco-friendly options, easy fund access, financial control, and enticing rewards programmes;
Business Payments: Neem's business payments solution consolidates billing, invoicing, collections, and disbursements for merchants. This centralised approach allows businesses to automate receivables, streamline collection and reconciliation processes, and drive growth.
Neem has partnered with global and local industry players such as Mastercard, AWS, Idemia, Unikrew, PayFast, JS Bank, and more, in bringing this solution to the market in Pakistan. The company’s vision is to bring its embedded payments infrastructure to digital businesses and brands across a wide range of sectors and industries in the country, as they can all leverage this solution for their further growth. Starting with industries such as agriculture, MSME, ecommerce sector and extending its reach towards gaming, utilities, and more.
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