Lahore: State Bank of Pakistan (SBP) has given approval to Onelink for launching its Paypak payment services.
Once Paypak starts its operations commercially, Pakistan would join a select group of 28 nations to have its own domestic payment system.
Former SBP governor, Ashraf Mahmood Wathra had soft-launched Paypak in April of 2016. Onelink is already in the business of providing inter-operability of ATM services to many banks in Pakistan.
At the moment, four payment global payment schemes are operational in Pakistan namely Visa, Mastercard, Japan Credit Bureau and Union Pay. According to Onelink, they are said to be levying a very exorbitant fee and transaction costs are high as well.
Onelink will utilize its own database and ATM expertise to operate this new Paypak payment scheme.
Paypak will work in conjunction with the Pakistan rupee, which will help in reducing transaction costs in comparison to its competitors, Onelink said.
Late in March this year, Bank Alfalah had collaborated with 1Link (Guarantee) Limited to launch PayPak Classic Debit Card.
PayPak, Pakistan’s first Domestic Payment Scheme supported by 1Link (Guarantee) Limited aims at providing efficient and low-cost payment solutions. The card offers PIN-based customer authentication for ATMs as well as POS transactions.