PayPak

Source: Wikipedia, the free encyclopedia.
PayPak
Product type
Owner1Link
CountryPakistan
Introduced5 April 2016; 8 years ago (2016-04-05)
MarketsPakistan
Websitewww.paypak.net.pk

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 like Visa, MasterCard & UnionPay.[3]

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.

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

  1. ^ "First domestic payment scheme launched". Dawn. 2016-04-06. Retrieved 2019-04-28.
  2. ^ a b Khan, Mutaher (2019-04-21). "Tech talk: A local startup bets the bank on electronic payments". Dawn. Retrieved 2019-04-28.
  3. ^ "Pakistan's First Domestic Payment Scheme PayPak Launched". ProPakistani. Retrieved 2019-04-28.
  4. ^ "1LINK selects Gemalto PURE white-label EMV technology for PayPak". Daily Times. 2018-01-29. Retrieved 2019-04-28.
  5. ^ "SBP asks banks to accelerate adoption of PayPak cards". The Nation. 2017-12-08. Retrieved 2019-04-28.
  6. ^ "Payment Systems Review – Quarter 3 FY21" (PDF). State Bank of Pakistan.
  7. ^ "PayPak Debit Card: Redefining Financial Transactions in Pakistan". ProPakistani. 2024-01-22. Retrieved 2025-03-25.
  8. ^ "Payment Systems Review – Quarter 3 FY24" (PDF). State Bank of Pakistan.
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