Amman, Jordan; 22nd July 2017 – Techlines LLC announced that they have selected PayNet Systems as their technology partners for launching digital payment services in Libya and other regions in North Africa and the Middle East. TechLines’ vision is to create a bank-linked digital wallet service that will function as a financial services hub for the region.
The existing financial services ecosystem in Libya has been put under a lot of pressure, due to the political turmoil the country has witnessed over the last few years. As a result of which the the already cash- based economy has come under huge stress with a renewed demand for cash, with the common citizen preferring to maintain cash reserves at home to keeping their money in a bank account. The Techlines wallet service will work with the central government, banks, and mobile service providers to create a highly available, easy to use payment service with the objective or reducing people’s usage of cash.
“We are very excited about the first phase of the project, where we will launch a digital wallet in collaboration with the Government of Libya, and in partnership with the nation’s largest telecom operators.” Said Mr. Ali Alehemer, Managing Director of Techlines. “Over the next 24 months we will be rolling out similar services in at least 3 other nations in the region.” Mr. Ali further added that the passion and dedication that the PayNet team have for fin-tech services was the critical factor that helped him choose PayNet as the technology partners for this project.
Techlines will be using PayNet’s secure cloud hosted platform to launch their services in Libya. The service will be built around a digital wallet and be integrated to multiple banks, government agencies, and telecom operators. The service will also support multi-channel access via kiosks, ATMs, and support NFC and QR scan-pay transactions. Built on a PCI/DSS certified infrastructure Master/Visa card services will be soon added to the service bouquet.
Tushar Belwal, the CEO of PayNet stated “Ali and the entire Techlines team have worked very hard on realizing this vision, and it is a proud moment for Paynet that we are part of the team that will deliver this project. PayNet will focus on creating the most inclusive and popular wallet service for Libya, in line with Mr. Ali’s vision.”
About TechLines LLC., www.techlines.ly
TechLines LLC is a IT and Communications service provider in Libya, founded in 2015. TechLines specializes in providing telecom value-added services (VAS) and multichannel payment services. TechLines is launching a national network that delivers financial services faster, easier and reachable at fingertips.
About PayNet System Pvt. Ltd., www.paynet.pro
PayNet is a financial technology services company headquartered in India, that provides innovative, end-to-end enterprise payment solutions to help small and large enterprises increase revenue and boost user engagement. The PayNet cloud enables any company to easily offer their customers a fully branded, secure mobile wallet solution that includes P2P transfer, Remittance, Top Up channels, Virtual Payment Cards, Loyalty Points & Rewards, Promotions & Offers amongst many other features.