Keenu aims to become Pakistan’s first PayPal

By: Aruba Adil

KARACHI: Keenu aims to become Pakistan’s first PayPal in online payment gateway dedicated to E-commerce businesses and consumers. The company has launched its swipe machines and payment facilitation which will provide online solutions to digital customers.

A payment gateway facilitates the secure transfer of money between the website, customer is buying from, and merchant’s account.

“Swipe machines not only accept Master cards, Visa Debit cards but, it also cater to EasyPaisa and MobiCash users,” said Muhammad Saad Niazi, chief operating officer of Keenu

E-banking channels showing an increase of 10.2% in volume and 12.8% in value as compared to quarter 3 of Fiscal Year (FY) 2014; whereas compared to Quarter 4 of Fiscal Year (FY) 2013 the corresponding increase in volume and value was 29.5% and 21.1% respectively, according to the latest data of State Bank of Pakistan (SBP)

Debit Cards and Credit Cards usage have reached to 25.4 Million showing a growth rate of 13.4% as compared to FY 2013. The main contribution in increase in total number of cards is supplemented by debit cards which showed a growth rate of 14.2% as compared to FY13.

The volume and value of Internet Banking has increased to 17 million and 68 billion during the FY14 showing a growth rate of 80% in volume and 37% in value as compared to FY13.

“We are tapping into plastic money user market as well as non-plastic money user market. We want our customers to shop whatever they want to buy without having to worry about payment procedure,” said Niazi

The volume and value of Real Time Online Banking (RTOB) transactions have increased to around 98.5 million and Rs. 30.2 Trillion respectively in FY14 as compared to that of FY13.

Online buying behavior is settling down as a trend in Pakistani market which took its unconcealed shape during first ever success of Black Friday Sale in Pakistan. Online customers ordered 55 times more during the sale than a regular day, online websites recorded.

It made the record sale of the most number of phones or appliances sold by any retailer in the offline space in one day, according to Daraz. Most of the customers used Easy paisa as mean for online payment gateway.

“Keenu is targeting 2,500 merchants in this year approximately that will correspond to about 4500 machines,” said Niazi

It caters to online need of their primary target, an E- merchant, by connecting the merchants with banks and online alliances between customers. Once their primary target is achieved, in order to make transactions easier, it will allow the digital customer to pay directly through their bank account without having the necessity of paper money.

Keenu claims to be the first company in Pakistan which made NFC (Near-Field-Communication) payment live in Pakistan with Easypaisa. More than 500 merchants are live accepting payments in Easypaisa.