Skip to main content

10 Years Back PayPal banned Pakistan, Now Pakistan launched “PAYPAK”


PayPak is a Pakistani domestic payment scheme launched by 1 Link under the State Bank of Pakistan Vision 2020.. The reason to launch this domestic payment scheme was to save inter-change costs of International Payment Schemes. PayPak cards can only be used on ATMs & POS Terminals throughout Pakistan and are yet to be enabled for online transactions.


The world has increasingly come to expect faster payments. Even the thought of paying for items by a simple swipe of a watch no longer raises eyebrows. Meanwhile, the process of using payments through electronic means to curtail unregulated and free markets remains futile for decades in Pakistan due to the lack of any concrete road map and regulations on electronic payment usage.

The biggest hindrance to financial inclusion is the high cost of cards based on international schemes. As a result, a huge proportion of the population is unbanked and under-served. The unbanked population doesn’t have access to the banking services and can’t use electronic mediums to pay utility bills, obtain fast and easy credits, purchase goods, get government benefits and receive remittances etc.

Integrating digital payments into the economies of emerging and developing nations addresses crucial issues of broad economic growth and individual financial empowerment. Digital financial services tied up with domestic payment scheme will not only promote financial inclusion but also foster economic growth.

In line with State Bank of Pakistan Vision 2020 to enhance and promote financial inclusion, 1LINK (Guarantee) Limited launched Pakistan’s first domestic payment Scheme PayPak aimed at providing efficient, cost-effective, robust and ubiquitous payments solutions. With this launch, Pakistan became the 28th country in the world to have their own domestic payment scheme.

With a domestic payment scheme in place, the following benefits can be achieved in short term basis:

Benefits
  • Transforming the digital payments landscape in the country by ensuring digital financial access to both the un-served and underserved population while at the same time reducing the transaction cost and improving overall efficiency.
  • Provides interoperability in the domestic payment ecosystem.
  • Acceptability to instantly incorporate government programs at minimum cost.
  • Product offerings to expand payment services and broaden access to financial services in Pakistan.
  • Bringing up new innovations in technology, specific to domestic aspirations.
  • In built scalability capacity for future plans of launching e-Wallet/Pre-paid program.
  • Enablement of Person to Person transactions such as card to card based funds transfer by means of various payment instruments.
  • Highly cost effective card scheme program.

PayPak Adaption
20 of the country's banks have adopted it. The uptake of the payment scheme has been slow. As of April 2019, 1.5 million PayPak cards have been issued - representing 3.5% of the 41.9 million payment cards issued in the country.


Top Stories:

Viral Stories:


Comments

  1. This comment has been removed by a blog administrator.

    ReplyDelete

Post a Comment

Popular posts from this blog

Story of Agha Hasan Abedi & BCCI

Agha Hasan Abedi: the man who dared to dream BIG! Agha Hasan Abedi was one of the finest minds this country has ever produced. He was an exemplary patriot and a legendary banker. In the mess that exists today, the youth of Pakistan desperately needs inspiring personalities to look up to. I cannot think of a better person to quote. He proved that politics is not the only form of service to the nation. He suffered through various scandals towards the end of his life, but no one can deny his contributions towards building a stronger Pakistan. It is a shame we let our youth forget a man like Agha Hasan Abedi.   Thousands graduate every year from FAST National University and Ghulam Ishaq Khan Institute. Only a handful of those proud degree holders know who laid the foundations of these prestigious institutes. It was one man’s vision that delivered tremendously to Pakistan’s development. *A true patriot: Agha started his banking career at Habib Bank in the late 19...

UP TO RS. 2 MILLION LOAN FOR SALARIED PERSON

Dubai Islamic Bank offering personal Loan facility up to Rs. 2 Million for salaried person Dubai Islamic bank is the first Islamic bank in Pakistan to offer a shari'a compliant " Personal Fiance" facility based on the Islamic Finance Features: 100 % Shari'a Compliant Affordable and competitive equal monthly installments. Hassle free and fast processing of your application form. Only Salaried persons can avail this facility. Say Hello! Askari Nayab Plan https://tryfinancialsolutions.blogspot.com/2018/12/invest-today-for-your-hassle-free-future.html?m=1 Eligibility: Age= 25 to 65 years Salaried Person( Salary must be credit in bank account). Minimum Salary should be Rs. 35,000/- Documents Required for Processing are: CNIC Copy Two recent Passport Size Photographs 3 Payslips Job Proof( Job Card, Visiting Card) One year bank statement Account maintaining certificate For ...

Dubai-Based Investor will inject money to Secure Summit Bank

According to the stock filing, Summit Bank Limited informed that it received a letter from the Chairman of the Nasser Abdulla Lootah Group, who is also the Chairman of the Summit Bank. Summit Bank has received a notification of interest from a Dubai-based investor HE Nasser Abdulla Hussain Lootah who has expressed his intention to acquire a controlling stake in the bank through fresh investment. I, Mr. Nasser Abdullah Hussain Lootah, am writing to explore the possibility of acquiring at least a controlling stake in Summit Bank Limited by subscribing to fresh equity in the bank. It is also envisaged that this equity injection enable the bank to with the minimum capital requirement and capital adequacy ratio requirements as required by the State Bank of Pakistan. In this regard, an exclusivity agreement has been shared with the board of directors for the confirmation that will ultimately give a green signal to the transactions for executing the deal. The Dubai-based in...

Reasons of Cyber Crime & Fraud in Banking Industry

Human resource Department of any bank could play a crucial role to minimize the chances of fraud and Cyber crime by hiring quality staff. State Bank should have to take some measure for it. https://refferalsearnings.blogspot.com/2019/09/wow-app-new-way-of-earning-without.html?m=1 For Home Finance https://tryfinancialsolutions.blogspot.com/2018/09/home-finance-for-salaried-persons.html?m=1 Home Finance for Businessman https://tryfinancialsolutions.blogspot.com/2018/12/home-finance-for-businessman.html?m=1

For Fresh Currency, Branches Codes details of Daska, Faislabad & Fateh Jang

Fresh Currency will be available at nominated branches from 21st May 2019 to 31st May 2019. SMS at 8877 Cnic# space branch code xxxxx-xxxxxxx-x ABC001

Attractive opportunity for investment in Property

BRAND NEW BUNGALOW AVAILABLE FOR SALE IN DHA KARACHI. SPECIFICATION: Brand New 100 Square Yards double storey House  with the accommodation of 3 Bed Room(1+2) Peaceful Location Demand: 3.5 Crore Location: Defence Housing Authority Phase VII (ext.), Karachi. For further details feel free to comment. https://refferalsearnings.blogspot.com/2019/09/wow-app-new-way-of-earning-without.html?m=1