KARACHI: The State Bank of Pakistan (SBP) has given approval to the e-commerce payment gateway “PayFast” to start its operations.
The product is being offered by Avanza Premier Payment Services (APPS), a joint venture formed in 2015 between Avanza Solutions and Premier Systems.
PayFast provides payment acceptance through multiple instruments, such as UnionPay, Visa, and Mastercard cards, mobile wallets, and bank account numbers. It also allows for digital invoicing. Using the gateway, payments can be accepted with just a unique link which can be sent via WhatsApp, Facebook, email or mobile.
According to the company, PayFast is similar to international gateways like Stripe, Square and Razorpay.
The product has more than 150 merchants on board, and 12 partner 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, and NRSP Bank.
Syed Adnan Ali, the CEO Payfast, said in a statement, “Digitalisation is our ambition and an indispensable need of society particularly after the Covid-19 pandemic. Our vision is to provide intuitive, reliable and a high standard solution to our valued partners and consumers.”
According to a company press release, Pakistan has over 80 million 3G and 4G subscribers, and Covid-19 has caused a boom in online payments as customers now prefer cashless solutions.