Finance:PayPak
PayPak (Urdu: پے پاک) is a domestic payment service available in Pakistan.[1]
It was launched in 2016 by 1Link to save inter-change costs of International Payment Schemes. PayPak cards can only be used on ATMs, POS terminals, and e-commerce portals within Pakistan.[2]
The new payment scheme aims to compete in the domestic market with other, established, international payment schemes such as Visa, Mastercard, and UnionPay.[3]
Technology and license
PayPak uses 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 banks and private payment card associations seeking chip-based security and a fast time to market. Additionally, PURE is a scheme-agnostic EMV application that private-label card issuers and national payment associations can utilise without the need to enter into a business agreement with another payment scheme.
Market share
The uptake of the payment scheme was initially slow, with State Bank of Pakistan intervening to encourage adoption.[5] By February 2021, more than 4 million PayPak cards had been issued[2] – representing about 9% of the overall 44.5 million payment cards issued in the country.[6] By January 2024, this number rose to 11 million cardholders, giving PayPak a market share of 25% in the country's debit card segment and 19% among the overall 57 million payment cards issued.[7][8]
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). 5 April 2016. 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 3 FY21". https://www.sbp.org.pk/psd/pdf/PS-Review-Q3FY21.pdf.
- ↑ "PayPak Debit Card: Redefining Financial Transactions in Pakistan" (in en-US). 2024-01-22. https://propakistani.pk/2024/01/22/paypak-debit-card-redefining-financial-transactions-in-pakistan/.
- ↑ "Payment Systems Review – Quarter 3 FY24". https://www.sbp.org.pk/psd/pdf/PS-Review-Q3FY24.pdf.
External links
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