PayPak – Pakistan’s First Domestic Payment Gateway
PAYPAK: In Karachi Governor State Bank of Pakistan (Ashraf Mahmood) on 5th April 2016 introduce (PAYPAK) Pakistan’s first Domestic level Payment Scheme.
They name it PayPak as a brand, and soon it will play important role in domestic market to compete with international schemes.
PayPak card is only for Pakistan residents, but the good news is it offer low cost as comparing to others. It will help out ordinary citizens so they can afford payment services in Pakistan.
I will again mention that PP is introduced by 1link which play very important role in interoperability services for the utility bill, interbank fund transfers, and ATM transactions.
It will be the proud moment for us that with this launch Pakistan becomes the 28th country who have her domestic payment scheme in the world.
The Governor give special importance that efficient and secure payment systems are judged from desired functions of the financial system and critical for providing of digital financial services like making and collecting payments, obtaining credit, making deposits, paying for housing, remitting money to friends, paying utility bills, healthcare, buying goods, education and insurance, business partners and family. These services may be use by using channels such as kiosk, mobile phone or other digital devices.
These services may be use by using channels such as the kiosk, mobile phone or other digital devices.
The Governor enlightened the audience that our aim is to improve the overall efficiency and also to reduce transaction cost. Provide more easiness for peoples who belong from Pakistan it doses not matter what status they have PayPak is for everyone.
On the launch of this domestic payment scheme governor said that it is the good initiative, and I appreciate that will not only provide a safe, efficient and affordable alternative but will also help us to provide service at low cost. He also said that with the help of this launch the usage and adoption of plastic card among merchants, customers, and banks of Pakistan would be increased.
Additionally, domestic payment scheme will also help in minimizing a large amount of money in foreign exchange to International Payment Schemes by just considering fee payments.
Governor suggests the financial sector take part in this scheme because it is new technology and it will help us to expand payment services in Pakistan. He also recommends that banks of Pakistan play their role and adopt the new payment service.
Partner of Mackenzie & Co. – Mr. Javaad Khan, appreciated the initiative of domestic card scheme and said that this is what Pakistani market need because Pakistan is now on the list of those few countries who have their payment scheme. He also said that research tells us those countries who own their payment schemes like PayPak is introduce in Pakistan will provide better financial services.
Updated on Aug 29, 2016