Payfast is a financial technology (fintech) company under Avanza Premier Payment Services (APPS), which is obtaining a PSO/PSP license from the State Bank of Pakistan to enable digital payments through bank accounts, mobile wallets, UnionPay, and other scheme cards. The primary objective of Payfast is to accelerate the Pakistani digital payments market up to and beyond the standard of international markets.
In this connection, UnionPay International (UPI) & Avanza Premier Payment Services, have partnered to digitize Pakistan through the power of M-commerce transactions.
By virtue of this, APPS has become a Third Party Service Provider (TPSP) of UPI, a globally leading Mobile payment service provider.
Recently, a signing ceremony was held at UPI’s headquarter in Shanghai and was attended by Syed Adnan Ali, CEO APPS, Harry Wang, Vice President, UPI, Nadeem Haroon, Country Manager, UPI Pakistan along with top management of both companies.
PayFast, APPS’ robust payment gateway, is focused on empowering banks to embrace the same level of diversified payment acceptance.
By harnessing the power of new-age payment methods, combined with the widespread availability of smartphones, both entities have enhanced mobile applications of partner banks to enable Quick Response (QR), P2P and Tap & Pay (HCE & NFC) based transactions and provide discounts and cashback promotions.
Banks which have been enabled for Payfast powered M-commerce transactions include:
- Askari Bank
- Faysal Bank
- Habib Metro Bank
- NRSP Bank
- Summit Bank
- U Bank
UnionPay International has enabled UnionPay card acceptance in 177 countries and regions with issuance in 58 countries and regions. It provides high quality, cost-effective and secure cross-border payment services to the world’s largest cardholder base and ensures convenient local services to a growing number of global UnionPay cardholders and merchants
Adnan Ali, CEO – APPS, said,
China is a leading innovator in the mobile payments industry; synergizing with UnionPay International, the subsidiary of China UnionPay, will pave the way to replicate the same level of innovation in Pakistan and tap into the ever-growing potential of mCommerce. This also showcases that domestic companies have the potential to attract international markets to partake and invest in them. We as a nation are progressing towards a digital economy where Payfast will be a catalyst in making Pakistan Go Cashless.