PayFast and Bank of Punjab Collaborate to Disrupt Digital Payments
With over 76 million internet subscribers in the country, the government’s keen interest for a digital Pakistan, the emergence of PSO/PSP, EMI regulations, and Micro Payment Gateway Initiative, it is evident that Pakistan is ripe for e-commerce and m-commerce transactions.
In line with this, PayFast and Bank of Punjab (BOP) have partnered with the aim to become catalysts for the growth of the digital payments industry.
PayFast, through its robust payment gateway, will enable account holders of BOP to seamlessly conduct e-commerce transactions by just a simple entry of their bank account numbers. Simultaneously, they are rolling out mobile payments such as QR code and Tap & Pay transactions.
The Bank of Punjab (BOP), over the recent years has been actively engaged in its role as a digital enabler for the masses, primarily through its various alliances and mandates within the public sector.
In pursuance of a cash-less digital economy, BOP aims at enabling the largest digital eco-system for its customers through such collaborations within the payments industry.
The mission of PayFast is to create a digital payment platform which will offer acceptance of multiple instruments i.e. bank account numbers, mobile wallets and UnionPay MasterCard, & Visa cards.
PayFast has partnered with UnionPay International to introduce the mobile payment’s revolution that was previously witnessed in China. They are currently steering towards acquiring State Bank’s license to become the Payment System Operator/Provider (PSO/PSP).
Mr. Waqas Anis Head Digital Banking BOP – deemed this proposition an essential for the industry, stating that its benefits lie in the account-based-purchases as well as in enabling all issuers and merchants across the country to join hands on one e-commerce platform, thus creating a viable potential much greater than the card-only model.
Mr. Adnan Ali, CEO, PayFast, stated, “This strategic partnership will allow customers of BOP to have access to digital payments which range from e-commerce to m-commerce. We are excited about this collaboration as it will strengthen the path for PayFast towards becoming a leading Fintech disruptor which will change Pakistan’s dependency on conventional payment methods.”