KARACHI: PayFast, the indigenous payments solution by APPS, is now the first payment gateway in the country that has received a commercial license from the State Bank of Pakistan (SBP) under its rules for Payment System Operators / Providers (PSO/PSP).
PayFast enables merchants, billers and aggregators to receive payments from their customers through a variety of methods such as bank accounts, wallets and domestic and international payment schemes. The gateway operates with state of the art security, thereby mitigating risk for its customers through PCI-DSS certification anda data-driven fraud monitoring system.
PayFast addresses merchant pain points while accepting orders online, which has seen a striking escalation since the covid-19 pandemic. The number of e-commerce merchants registered with banks has increased from 1,400 to almost 2,500 in a year, contributing to Pakistan’s exponential growth in e-commerce, which is all set to cross $3 billion by the end of 2021.
This growth can also be attributed to increasing connectivity and internet access, allowing businesses to thrive online.The number of3G/4G subscribers have jumped to 100 million. PayFast, therefore, enhances acceptability of payments for these merchants by offering a diverse range of instruments at competitive fees.
Adnan Ali, CEO of APPS has said APPS was founded with the primary aim to revolutionize the digital payments services in Pakistan, and expand as a regional fintech player. “We are thankful to the State Bank for continuing to support us and creating a space for Fintechs, and especially the Payment Systems Department headed by the forward thinking leadership of Sohail Javaad.”
Copyright Business Recorder, 2021
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