Pakistanis will soon be able to use their own local card payment scheme, namely the PayPak.
The State Bank of Pakistan (SBP) has officially given the go ahead to 1LINK for PayPak’s commercial launch, ProPakistani has checked and confirmed.
A senior banker who oversaw this deal told ProPakistani that PayPak was given permission to launch commercially from June 1st, 2017. With this launch, Pakistan will become the 28th country to have its own domestic payment scheme.
PayPak was launched back in April 5, 2016 by former governor SBP Ashraf Mahmood Wathra. Since then several banking institutions inked agreements with PayPak for card issuance & acceptance on ATM & POS.
According to informed sources:
Currently PayPak has issued around 200,000 cards to local consumers and numbers are growing with each passing day.
After its commercial launch, PayPak will be aggressively marketed throughout Pakistan.
Just in case you missed, PayPak payment scheme is launched by 1LINK that currently provides interoperability of ATM services to major banks in Pakistan. 1LINK said that it will use its experience to professionally operate the new payment scheme within the region for unbanked and banked population.
Sources told ProPakistani that there are 4 Global Payment Schemes (Visa, Master, Union Pay, and JCB) providing services to customers in Pakistan right now.
These schemes charge a very high fee and their transaction costs are also high. Comparatively, PayPak will work locally in Pakistani Rupees, helping to minimize those costs that are associated with each transaction.
PayPak Offers security and reliability for all it’s consumers.
PayPak will soon start offering chip-based card and they are going to be safer than the currently issued magstripe cards. This will reduce the risk of data skimming and improve service quality.
India, Mexico and Iran have their own domestic payment services with a strong presence in the local market. In Iran, the payment scheme Shetab is very successful. Shetab is operating in correspondence with more than 530,000 merchants in Iran. On the other hand, only 50,000 merchants are available in Pakistan.