State Bank of Pakistan Grants Approval for Pilot Operation to APPS for eCommerce Payment Gateway “PayFast”
PayFast brings the ultimate and innovative solution to address the pain points of the digital payments industry of Pakistan.
Pakistan has over 80 million 3G/4G subscribers, and the huge potential of eCommerce, the market value is estimated at USD 2 billion with a remarkable average yearly growth of 58%. COVID has evidently caused a boom in online payments as the customer’s preference from cash has started to shift towards cashless means.
Nonetheless, the value can be far better if the concerns are addressed as it is still a Cash dominated economy with COD valuing 90% of online transactions.
We have more than 1,500 eCommerce enable merchants with a huge pie left out, this low number is primarily attributed to the dearth of cost-effective, robust and secure online payment solutions compatible with multiple modes of integration such as Open APIs, plugins, etc.
PayFast addresses these issues by providing payment acceptance via multi-instruments with a User-Centric UI/UX, these include cards noteworthy being, UnionPay and other card schemes, Mobile Wallets and now unveiling Bank account numbers as an easy payment instrument.
They are also helping merchants to accept online payments at ease, by offering them digital sign up, Developer-friendly APIs, plugins for eCommerce stores, and the experience of future payments. PayFast is PCI-DSS compliant entity, coupled with a very dynamic Fraud and Risk Management System that will ensure security and compliance of transactions for the consumer and the merchant.
Another disruptive service PayFast is bringing to the table is digital invoicing. Payments can be accepted with just a unique link, ideal for FB merchants, Freelancers, etc as the link can be sent via WhatsApp, FB messenger, email, and mobile number.
PayFast will fill the gap of the requirement of a payment gateway in the eCommerce industry. Its indigenous gateway’s services and features would be comparable with renowned international gateways like Stripe, Square, and Razorpay.
Syed Adnan Ali, CEO of Payfast, said in a statement, “Digitalization is our ambition and an indispensable need of society particularly after the COVID-19 pandemic. Our Vision is to provide intuitive, reliable, and high standard solutions to our valued partners and consumers while contributing toward the economy. We are very passionate that PayFast will act as a catalyst to digitalize the economy and will lead Pakistan towards a cashless journey.”
PayFast has already received a vote of trust, as its portfolio of partner banks, a portfolio that has grown to 12 banks which include Allied Bank, Askari Bank, Bank of Punjab, Dubai Islamic Bank, Faysal Bank, Finca MicroFinance Bank, HabibMetro Bank, Summit Bank, UBank, JS Bank, Telenor Bank, & NRSP Bank.
The merchant count has also climbed steadily and has crossed the 150 mark. At this pace, PayFast is all set to achieve new heights very soon. For more details about PayFast, you can visit their website at www.apps.net.pk.