State Bank of Pakistan has approved Foree to provide payment services in Pakistan. There is also news that PayPal is coming to Pakistan.
It seems very important for Pakistan and its economy to have payment gateways such as PayPal. The unavailability of any major payment platforms has always been causing issues for freelancers and entrepreneurs of Pakistan to play their part in the country’s online economy. The government is working on dealing with this issue by trying to bring PayPal and other payment gateways to Pakistan.
It is a mobile payment platform that helps users to make digital payments. Users can use a variety of ways to use this platform such as QR code, phone number, email address, Foree Address and by using their social media as well. It is an economical digital payment platform for all sorts of businesses. It helps vendors/ businessmen to accept digital payments effectively from their customers instead of using expensive Point of Sale systems.
According to Foree official website, they are trying to transform/equip the primarily cash-driven economy of this region with a digital payment platform. The cash payment platform can be subject to a number of problems such as production, cash management, storage, lack of trail of transactions and use of fake currency. These issues are a major setback for the economic growth of the country. Introducing a digital platform for payments helps a lot in dealing with these problems.
Foree offers its services as a blend of the following features:
- Payments Interface: A real-time payment system that allows sending and requesting money from resources such as bank accounts.
- Foree Address: Using a simple Foree address to receive money without disclosing any personal information.
- App: Users can use an app for sending and receiving money using the Payment Interface. There is a lot more that can be done using this app.
- Pay: P2P, B2B, G2P, P2G payments. It also enables Remittance using the Foree Address.
- Bill: Users can pay for electricity, gas, water, landline, mobile top-ups, internet, credit cards and a lot more.
- Checkout: Foree provides an online payment gateway for users to buy stuff over the internet and checkout without any hassle.
- POS: A low-cost Point of Sale system for businesses such as fuel stations, stores, and restaurants.
- Biometrics: Software-based biometric solution by using a device’s camera to capture the fingerprints or face.
- Foree ID: Users can use the Foree ID to use a mobile phone as their digital ID.
- Foree x: Organizations can securely exchange their information thanks to a distributed and secure data exchange layer.