26.6 C
Islamabad
Tuesday, November 5, 2024

PayFast becomes first Pakistani payment gateway to be granted Commercial License from State Bank of Pakistan

Must read

Pakistan parliament approves bill to extend three chief’s service tenure

Naveed Ahmad Khan Islamabad: ISLAMABAD: The National Assembly and the Senate on Monday passed a bill to extend the tenure of all services chiefs from...

Daily The Spokesman November 05 2024 PDF

Daily The Spokesman November 05 2024 PDF

Sudanese Ambassador accuses Sudan rebels of war crimes

Naveed Ahmad Khan Islamabad: Ambassador of Sudan, H.E Salih Mohamed Ahmed Mohamed Siddiq has said that the rebels are committing gruesome human rights violations killing...

PayFast becomes first Pakistani payment gateway to be granted Commercial License from State Bank of PakistanKarachi: PayFast, the indigenous payments solution by APPS, is now the first payment gateway in the country to receive a commercial license from the State Bank of Pakistan (SBP) under its rules for Payment System Operators / Providers (PSO/PSP).

PayFast enables merchants, billers and aggregators to receive payments from their customers through a variety of methods such as bank accounts, wallets and domestic and international payment schemes. The gateway operates with state of the art security, thereby mitigating risk for its customers through PCI-DSS certification and a data-driven fraud monitoring system.

PayFast addresses merchant pain points while accepting orders online, which has seen a striking escalation since the covid-19 pandemic. The number of e-commerce merchants registered with banks has increased from 1,400 to almost 2,500 in a year, contributing to Pakistan’s exponential growth in e-commerce, which is all set to cross $3 billion by the end of 2021.

This growth can also be attributed to increasing connectivity and internet access, allowing businesses to thrive online. The number of 3G/4G subscribers have jumped to 100 million. PayFast, therefore, enhances acceptability of payments for these merchants by offering a diverse range of instruments at competitive fees.

Adnan Ali, CEO of APPS, said in a statement, “APPS was founded with the primary aim to revolutionize the digital payments services in Pakistan, and expand as a regional fintech player. We are thankful to the State Bank for continuing to support us and creating a space for Fintechs, and especially the Payment Systems Department headed by the forward thinking leadership of Mr. Sohail Javaad.”

Arshad Raza, Chairman of the Board for APPS, said in a statement, “When we invested in this startup envisioned by Avanza Solutions, we always believed that Pakistan’s payments market would be immensely lucrative and would see unmitigated performance in the coming years. This commercial license is a testament to that vision. It is with great pride that we celebrate this day as part of the revolution in transforming Pakistan into a cashless society.”

- Advertisement -PayFast becomes first Pakistani payment gateway to be granted Commercial License from State Bank of Pakistan

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -PayFast becomes first Pakistani payment gateway to be granted Commercial License from State Bank of Pakistan

Latest article

Pakistan parliament approves bill to extend three chief’s service tenure

Naveed Ahmad Khan Islamabad: ISLAMABAD: The National Assembly and the Senate on Monday passed a bill to extend the tenure of all services chiefs from...

Daily The Spokesman November 05 2024 PDF

Daily The Spokesman November 05 2024 PDF

Sudanese Ambassador accuses Sudan rebels of war crimes

Naveed Ahmad Khan Islamabad: Ambassador of Sudan, H.E Salih Mohamed Ahmed Mohamed Siddiq has said that the rebels are committing gruesome human rights violations killing...

Team Pakistan Wins Grand Prize at Huawei ICT Innovation Competition 2023- 2024 Global Final

Usama Hameed Awan Shenzhen, China: The Huawei ICT Competition 2023-2024 Global Final concluded with resounding success, spotlighting exceptional talent from around the world. This year’s grand finale, hosted at Huawei's headquarters in Shenzhen, marked the culmination of an...