MARCH 05, 2024, KARACHI: Pakistan’s digital payments ecosystem is gradually moving towards a cashless journey where the utility sector is seeing an upward trend in digital payments. K-Electric, a pioneering force in the energy sector, and VISA, a world leader in digital payments, recently signed an MoU to chart the digital payments future of Pakistan. The signing event signals a long-term partnership aimed at providing customers with an efficient and seamless digital experience.
By using the innovative technology of QR codes, KE has improved overall customer experience and streamlined operations. A partnership between KE and VISA promoting digital payments saw the campaign increasing bill payments via QR by up to 4 times, indicating strong customer reception.
Fawad Ali Gilani, Chief Distribution Officer at KE stated on this occasion, “As KE and VISA embark on this strategic alliance, the collaboration is poised to bring about transformative changes, setting a benchmark for excellence in the realms of customer facilitation and digital innovation. The partnership aims to leverage both organizations’ expertise in contributing to the evolution of digital payments in Pakistan and ease the process of bill payments.”
Umar Khan, Country Manager for Pakistan & Afghanistan in Visa commented, “We look forward to our collaboration with KE and aligning our strategies to advance the digitization of Pakistan’s utility landscape. Our aim is to provide seamless, secure, and efficient digital payment solutions to the people of Pakistan and transform the way transactions are conducted.”
Representatives from KE and VISA expressed their commitment to leverage digital platforms, identify synergistic opportunities, and creating innovative products to encourage digital bill payments and enhance customer satisfaction.
This partnership will enhance KE’s digitalization program and add to the power utility’s growing and existing digital portfolio including enriching experiences on KE Live App and KE WhatsApp services, which together account for a presence of 1.5m customers and continue to grow every day.
ABOUT K-ELECTRIC:
K-Electric (KE) is a public listed company incorporated in Pakistan in 1913 as KESC. Privatized in 2005, KE is the only vertically integrated utility in Pakistan supplying electricity within a 6500 square kilometers territory including Karachi and its adjoining areas. The majority shares (66.4%) of the company are listed in the PSX owned by KES Power, a consortium of investors including Aljomaih Power Limited of Saudi Arabia, National Industries Group (Holding), Kuwait, and the Infrastructure and Growth Capital Fund (IGCF). The Government of Pakistan is also a minority shareholder (24.36%) in the company.
ABOUT VISA:
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions, and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at About Visa, visamiddleeast.com/blog and @Visacemea.