SBP allows pilot operation of e-commerce payment gateway

Covid-19 pandemic has caused a surge in online payments as customers move towards cashless solutions 

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.

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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. 

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12 COMMENTS

  1. jinhon nay paypal par kaam karna tha uun ki sari zindagi guzar gai paypal ka intezar kartey kartey … Hum logon nay bohat dayr kardi … paypal hamari nojawan nasal ki zaroorat hey … talent ki kami nahin par talent zaya ho raha hay

  2. Why do we need PayPal in Pakistan? SBP is working on promoting local products like PayPak and ppl of Pakistan need international products.

    • We need PayPal because PayPal is world largest payment processor the world is paying with PayPal, it’s our need to receive for foreign payments, we can increase our foreign reserve if PayPal is here, what SBP is doing is for internal payment gateways.
      Will not help to get consumers form entire the world paying with PayPal

    • Hamaary idaaro ka Kam ni bannta khud b koii kaam Kar lyy or
      * apni qaum ko apny PAOO py kharra krry
      *Apni Qaum ka khud isstamaal krry .
      * Inny buss doosro k rahmo Karam py choir Kar khud Protocols ma rahhty hyy. White color….

  3. Kho*** kay bachay, pak ma na PayPal hai, na Amazon, na eBay, hum se ghattia countries india, Bangladesh hn lekin wahan PayPal, Amazon, sb hai…

  4. pakistan has large amount of black money thats why paypal etc didnt come here.
    its fortunate to know our own payment channel bcz pakistan will be soon a trade hub of chinese indian russian middle eastern n european goods….
    welcome to naya pakistan

  5. pakistan has large amount of black money thats why paypal etc didnt come here.
    its fortunate to know our own payment channel bcz pakistan will be soon a trade hub of chinese indian russian middle eastern n european goods….
    welcome to naya pakistan

  6. Kisi nalaiko ki ulaado tmhe Allah pochy ga… i have lost $2000 this year… my every client prefer paypal or mjhe fake paypal banaana para ab tak mere 3 paypal account ban ho gy… yar please start new slogan… go imran go come paypal come….
    We are lossing 50% potential client due to unavalability of paypal…

    • Paypal baned my account. I refunded all the amount to my clients and then sent invoices with payoneer. Some of my clients paid on freelance plateforms. For now you can use this method to get your money back and never use paypal again. I use payoneer and everything working fine.

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