Finance:PayPak
 | |
| Product type |
|
|---|---|
| Owner | 1LINK |
| Country |  Pakistan |
| Introduced | 5 April 2016 |
| Markets | Pakistan |
| Website | 1link |
PayPak (Urdu: پے پاک) is a Pakistan domestic financial services and payment service launched by 1Link under the State Bank of Pakistan Vision 2020. Currently, 35 of the country's banks have adopted it.[1] 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 enabled for online transactions.[2]
The new payment scheme aims to compete in the domestic market with other international payment schemes like Visa, MasterCard & UnionPay.[3]
Technology and license
PayPak uses the Gemalto's product PURE.[4] PURE is an off-the-shelf payment application from Gemalto that is fully compliant with the EMV™ standard. It is designed for dommes and private payment card associations looking for chip-based security and fast time to market. PURE is also a scheme-agnostic EMV application that private-label card issuers and national payment associations can use without the need to enter into a business agreement with another payment scheme.
The uptake of the payment scheme has been slow.[5] (As of February 2021), more than 4 million PayPak cards have been issued[2] – representing 3.5% of the 41.9 million payment cards issued in the country.[6]
PayPak has over 25% of market share in terms of volume of cards in the market.[7]
While Visa has 40%, Mastercard and UnionPay have 25% each of market share.[7]
See also
References
- ↑ "First domestic payment scheme launched" (in en). 2016-04-06. http://www.dawn.com/news/1250153.
- ↑ 2.0 2.1 Khan, Mutaher (2019-04-21). "Tech talk: A local startup bets the bank on electronic payments" (in en). https://www.dawn.com/news/1477420.
- ↑ "Pakistan's First Domestic Payment Scheme PayPak Launched" (in en-US). https://propakistani.pk/2016/04/05/pakistans-payment-paypak/.
- ↑ "1LINK selects Gemalto PURE white-label EMV technology for PayPak" (in en-US). 2018-01-29. https://dailytimes.com.pk/191549/1link-selects-gemalto-pure-white-label-emv-technology-paypak/.
- ↑ "SBP asks banks to accelerate adoption of PayPak cards" (in en). 2017-12-08. https://nation.com.pk/08-Dec-2017/sbp-asks-banks-to-accelerate-adoption-of-paypak-cards.
- ↑ "Payment Systems Review – Quarter 1 FY19". http://www.sbp.org.pk/PS/PDF/PS-Review-Q1FY19.pdf.
- ↑ 7.0 7.1 "SBP wants the cheap PayPak to be the default debit card; the banks don't" (in en-US). 2021-01-24. https://profit.pakistantoday.com.pk/2021/01/25/sbp-wants-the-cheap-paypak-to-be-the-default-debit-card-the-banks-dont/.
External links
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