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PayPak

From Wikipedia, the free encyclopedia
PayPak
PayPak
Product type
Owner1LINK
CountryPakistan
Introduced5 April 2016;8 years ago(2016-04-05)
MarketsPakistan
Website1link.net.pk/paypak/

PayPak(Urdu:پے پاک) is aPakistanidomesticfinancial servicesandpayment servicelaunched by1Linkunder theState Bank of PakistanVision 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

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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

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The uptake of the payment scheme has been slow.[5]As of February 2021,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]

WhileVisahas 40%,MastercardandUnionPayhave 25% each of market share.[7]

See also

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References

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  1. ^"First domestic payment scheme launched".Dawn.2016-04-06.Retrieved2019-04-28.
  2. ^abKhan, Mutaher (2019-04-21)."Tech talk: A local startup bets the bank on electronic payments".Dawn.Retrieved2019-04-28.
  3. ^"Pakistan's First Domestic Payment Scheme PayPak Launched".ProPakistani.Retrieved2019-04-28.
  4. ^"1LINK selects Gemalto PURE white-label EMV technology for PayPak".Daily Times.2018-01-29.Retrieved2019-04-28.
  5. ^"SBP asks banks to accelerate adoption of PayPak cards".The Nation.2017-12-08.Retrieved2019-04-28.
  6. ^"Payment Systems Review – Quarter 1 FY19"(PDF).State Bank of Pakistan.
  7. ^ab"SBP wants the cheap PayPak to be the default debit card; the banks don't".Profit by Pakistan Today.2021-01-24.Retrieved2021-02-19.
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