Islamabad August 5 2021: HBL and National Institutional Facilitation Technologies (NIFT) have signed an agreement enabling account-based payments to HBL Pay's (IPG) e-commerc e merchants through NIFT's ePay (DFS platform). E-commerce merchants using HBL Pay will now benefit from increased payment flex ibility,as they w ill be able to offer direct, stra ight-from-bank-a ccount payment options to all of their customers. The agreement will also allow HBL account holders to make payments to merchants onboarded on NIFT ePay Platform.
Until now, e-commerce merchants who used HBL Pay for payment processing, allowed their customers to make either card-based transact ions using Visa, MasterCard, UnionPay, and PayPak debit/credit cards or card-less (directly from bank accounts) transactions for HBL account holders. Going forward, all such merchants would be able to offer their customers account-based payments from all of NIFT's banking partners. Similarly, e-commerce merchants who use NIFT ePay for payment processing will be able to collect payments through HBL account holders along w ith other banking partners.
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We strongly believe this will also open up a much wider customer base for our e-commerce merchants and result in a true win-win partnership for everyone in the ecosystem. With a focus on facilitating the end customers and e-commerce merchants, HBL Pay has now enabled account-based payments for NIFT's partner banks through our Internet Payment Gateway.