 | |
| Product type | |
|---|---|
| Owner | 1LINK |
| Country |  Pakistan |
| Introduced | 5 April 2016 |
| Markets | Pakistan |
| Website | 1link |
PayPak (Urdu: پے پاک) is a Pakistani 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]
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Transcription
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[update], 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". Dawn. 2016-04-06. Retrieved 2019-04-28.
- ^ a b Khan, Mutaher (2019-04-21). "Tech talk: A local startup bets the bank on electronic payments". Dawn. Retrieved 2019-04-28.
- ^ "Pakistan's First Domestic Payment Scheme PayPak Launched". ProPakistani. Retrieved 2019-04-28.
- ^ "1LINK selects Gemalto PURE white-label EMV technology for PayPak". Daily Times. 2018-01-29. Retrieved 2019-04-28.
- ^ "SBP asks banks to accelerate adoption of PayPak cards". The Nation. 2017-12-08. Retrieved 2019-04-28.
- ^ "Payment Systems Review – Quarter 1 FY19" (PDF). State Bank of Pakistan.
- ^ a b "SBP wants the cheap PayPak to be the default debit card; the banks don't". Profit by Pakistan Today. 2021-01-24. Retrieved 2021-02-19.
External links
- PayPak Website Archived 2019-07-23 at the Wayback Machine
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This page was last edited on 7 March 2024, at 11:43