PayPak
 | |
| Type of business | Private Limited |
|---|---|
Type of site | Financial |
| Available in | English |
| Founded | April 5, 2016 |
| Predecessor(s) | 1Link |
| Area served | Pakistan |
| Key people | Mr. Najeeb Agrawalla (CEO 1Link) |
| Industry | Financial Services |
| Products | Credit cards, Debit cards, Payment systems |
| Parent | 1Link |
| URL | 1link |
| Advertising | No |
| Registration | Yes |
| Current status | Active |
PayPak (Urdu: پے پاک) is a Pakistani domestic payment scheme 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]
Technology and license[edit]
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.
[edit]
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 10% 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]
References[edit]
- ^ "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.
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