First Pakistan payment gateway PayFast gets license

Karachi: State Bank of Pakistan (SBP) has granted a business license to the first online payment gateway ‘PayFast.

This is an international payment gateway to make transfers abroad as well.

Therefore, it becomes the first Pakistani online payment gateway, receiving a business license from the State Bank of Pakistan.

It will be a good addition to e-commerce in Pakistan. Payfast will be the first gateway payment company is going to start business operations.

PayFast, now the first online gateway to settle domestic payments through APPS, is a commercial transaction with the State Bank of Pakistan (SBP) under its own rules.

It enables merchants, bills, and collectors to receive online payments in Pakistan from their customers through various methods, such as bank accounts, wallets, and domestic and international payment gateway schemes.

Gateway works with state-of-the-art security, thus reducing the risk to its customers through PCI-DSS certification and data-driven fraud monitoring systems.

The registered number of e-commerce merchants with banks has increased from 1,400 in a year to about 2,500, leading to significant growth in e-commerce in Pakistan. It is likely to cross $3 billion by the end of 2021.

The growth was due to increased connectivity and internet access, which could help businesses thrive online. The number of 3G / 4G subscribers has reached 100 million. PayFast, a first online gateway in Pakistan increases the acceptability of online payment for these merchants by offering different tools at competitive fees.

APPS CEO Mr. Adnan Ali said in a statement that the main objective of APPS is to revolutionize digital online payment services in Pakistan and to grow it as a regional fantasy player.

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Furthermore, Board Chairman APPS, Mr. Irshad Raza, said in a statement, “When we invested in this startup of online gateway through Owens Hills, we always believed that Pakistan’s payments market would be profitable, and the coming years will see the uninterrupted performance.

Moreover, this trade license is a testament to that vision. It is with great pride to celebrate this day as Revolution Day, turning Pakistan into a cashless society by introducing a payment gateway in Pakistan.