Login
Login

PayPak

{{Short description|Pakistani card payment service}}

{{Infobox brand

| name = PayPak

| logo = Paypak Logo.png

| logo_size = 175px

| logo_upright =

| logo_alt = PayPak

| logo_caption =

| image =

| image_upright =

| alt =

| caption =

| producttype = {{Plainlist|

}}

| currentowner = 1Link

| country = Pakistan

| introduced = {{Start date and age|2016|4|5|df=yes}}

| related =

| markets = Pakistan

| website = {{URL|www.paypak.net.pk}}

}}

PayPak ({{langx|ur|پے پاک}}) is a domestic payment service available in Pakistan.{{Cite web|url=http://www.dawn.com/news/1250153|title=First domestic payment scheme launched|date=2016-04-06|website=Dawn|language=en|access-date=2019-04-28}}

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.{{Cite web|url=https://www.dawn.com/news/1477420|title=Tech talk: A local startup bets the bank on electronic payments|last=Khan|first=Mutaher|date=2019-04-21|website=Dawn|language=en|access-date=2019-04-28}}

The new payment scheme aims to compete in the domestic market with other, established, international payment schemes like Visa, MasterCard & UnionPay.{{Cite web|url=https://propakistani.pk/2016/04/05/pakistans-payment-paypak/|title=Pakistan's First Domestic Payment Scheme PayPak Launched|website=ProPakistani|language=en-US|access-date=2019-04-28}}

Technology and license

PayPak uses the Gemalto's product PURE.{{Cite web|url=https://dailytimes.com.pk/191549/1link-selects-gemalto-pure-white-label-emv-technology-paypak/|title=1LINK selects Gemalto PURE white-label EMV technology for PayPak|date=2018-01-29|website=Daily Times|language=en-US|access-date=2019-04-28}} 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.{{Cite web|url=https://nation.com.pk/08-Dec-2017/sbp-asks-banks-to-accelerate-adoption-of-paypak-cards|title=SBP asks banks to accelerate adoption of PayPak cards|date=2017-12-08|website=The Nation|language=en|access-date=2019-04-28}} By February 2021, more than 4 million PayPak cards had been issued – representing about 9% of the overall 44.5 million payment cards issued in the country.{{Cite web|url=https://www.sbp.org.pk/psd/pdf/PS-Review-Q3FY21.pdf|title=Payment Systems Review – Quarter 3 FY21|website=State Bank of Pakistan}} 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.{{Cite web |date=2024-01-22 |title=PayPak Debit Card: Redefining Financial Transactions in Pakistan |url=https://propakistani.pk/2024/01/22/paypak-debit-card-redefining-financial-transactions-in-pakistan/ |access-date=2025-03-25 |website=ProPakistani |language=en-US}}{{Cite web|url=https://www.sbp.org.pk/psd/pdf/PS-Review-Q3FY24.pdf|title=Payment Systems Review – Quarter 3 FY24|website=State Bank of Pakistan}}

See also

References

{{reflist}}

External links

  • [https://1link.net.pk/pay-pak/ PayPak Website] {{Webarchive|url=https://web.archive.org/web/20190723211858/https://1link.net.pk/pay-pak/ |date=2019-07-23 }}

{{Banking in Pakistan}}

{{Credit cards}}

{{Interbank networks}}

{{Portal bar|Banks}}

{{Authority control}}

Category:Payment systems

Category:Pakistani brands

Category:Banking in Pakistan

Category:Credit card issuer associations

Category:Debit card issuer associations

Category:2016 establishments in Pakistan

Category:Financial services companies established in 2016