Karachi: PayFast, the indigenous payments solution by APPS, is now the first payment
gateway in the country to receive 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 and a 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 of 3G/4G subscribers has jumped to 100 million.
PayFast, therefore, enhances the acceptability of payments for these merchants by offering a diverse range of instruments at competitive fees.
Mr. Adnan Ali, CEO of APPS, said in a statement, “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 Mr. Sohail Javaad.”
Mr. Arshad Raza, Chairman of the Board for APPS, said in a statement, “When we invested
in this startup envisioned by Avanza Solutions, we always believed that Pakistan’s payments the market would be immensely lucrative and would see an unmitigated performance in the coming years. This commercial license is a testament to that vision. It is with great pride that we celebrate this day as part of the revolution in transforming Pakistan into a cashless society.”
For more information on APPS, please visit here.
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