VEON’s JazzCash Partners with Dgpays to Enhance e-Commerce in Pakistan
Rhea-AI Summary
JazzCash, VEON's financial services arm in Pakistan, has partnered with Dgpays to modernize its e-commerce payment gateway. The collaboration aims to enhance transaction speed, security, and fraud prevention capabilities across Pakistan. Digital wallet transactions in Pakistan grew 134% year-on-year to 269 million, representing 87% of online e-commerce payments. JazzCash, serving over 1,700 e-commerce merchants, processed over 110 million transactions in Q1-Q3 2024, marking a 150% year-on-year increase. The upgraded gateway will feature faster transactions, merchant management systems, customizable checkout pages, and advanced fraud prevention tools.
Positive
- Digital wallet transactions grew 134% YoY to 269 million
- JazzCash processed 110 million transactions in Q1-Q3 2024, up 150% YoY
- JazzCash serves over 1,700 e-commerce merchants
- Digital wallets account for 87% of all online e-commerce payments
Negative
- None.
News Market Reaction 1 Alert
On the day this news was published, VEON declined 0.48%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Amsterdam and Dubai, 25 October 2024: VEON Ltd. (Nasdaq: VEON, Euronext Amsterdam: VEON), a global digital operator, today announced that JazzCash, the financial services arm of Jazz, VEON’s digital operator in Pakistan, has signed an agreement with Dgpays, a leading financial infrastructure technology provider in the EMEA region. This partnership will enable JazzCash to modernize its payment gateway for e-commerce transactions, enhancing transaction speed, security, fraud prevention capabilities, and the overall experience for both merchants and consumers across Pakistan.
Adoption of digital wallets is driving the growth in cashless payments in Pakistan. The number of digital wallet transactions surged
"At JazzCash, we are dedicated to empowering businesses, from microentrepreneurs to startups and SMEs, with the financial tools they need to thrive in an increasingly digital economy. As Pakistan’s e-commerce sector undergoes unprecedented growth, JazzCash is committed to providing secure, seamless, and swift payment solutions. Our new payment gateway will enable thousands of e-commerce merchants to accelerate their growth by streamlining transactions, simplifying checkout, and enhancing security," said Murtaza Ali, President of JazzCash.
"We are pleased to partner with JazzCash to bring our advanced payment gateway solutions to Pakistan's dynamic fintech market. At Dgpays, we focus on building innovative, scalable payment infrastructures that empower businesses to grow and customers to transact securely and seamlessly. By collaborating with JazzCash, we are enhancing digital payment capabilities and driving financial inclusion in a region poised for immense growth," said Serkan Omerbeyoglu, CEO and Founder of Dgpays.
The upgraded payment gateway will offer faster transactions, a comprehensive merchant management system, customizable checkout pages, and advanced fraud prevention tools. This partnership and technology upgrade aligns with JazzCash’s broader mission to advance Pakistan’s digital payment landscape. By empowering businesses with the latest payment technologies, JazzCash is driving financial inclusion, simplifying online payments, and continuing to lead the country toward a cashless society.
About JazzCash
JazzCash, Pakistan’s leading fintech player, has over 44 million registered users, over 245,000 registered agents, and 350,000+ registered businesses. JazzCash offers a broad portfolio of financial services for customers, including payments, lending, insurance, government to public payments for various services. For more information, please visit: www.jazzcash.com.pk.
About Dgpays
Dgpays is an international B2B Fintech Platform as a Service company that works with banks, fintech companies, non-financial institutions, mobile network operators and government entities such as transportation authorities. Among Dgpays shareholders are EBRD – European Bank for Reconstruction and Development, Truffle Capital, Isbank, Dogus Group and Endeavor Catalyst Fund: www.dgpays.com.
About VEON
VEON is a digital operator that provides converged connectivity and digital services to nearly 160 million customers. Operating across six countries that are home to more than
Disclaimer
This release contains “forward-looking statements,” as the phrase is defined in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Forward-looking statements are not historical facts, and include statements relating to, among other things, VEON’s strategy, investment plans, and partnerships. Forward-looking statements are inherently subject to risks and uncertainties, many of which VEON cannot predict with accuracy and some of which VEON might not anticipate. The forward-looking statements contained in this release speak only as of the date of this release. VEON does not undertake to publicly update, except as required by U.S. federal securities laws, any forward-looking statement to reflect events or circumstances after such dates or to reflect the occurrence of unanticipated events.
Contact Information
VEON
Hande Asik
Group Director of Communication
pr@veon.com
MHP Group
Julian Tanner
Julian.tanner@mhp.com
1 Data is sourced from the latest Payment Systems Review released by the State Bank of Pakistan, published in October 2024.
Attachment
FAQ
What is the growth rate of JazzCash transactions in 2024?
How many merchants does JazzCash (VEON) serve in Pakistan?
What percentage of online e-commerce payments in Pakistan are made through digital wallets?
Who has JazzCash partnered with to enhance its payment gateway?
