SBP approves 'PayFast' as e-commerce payment gateway

KARACHI: The State Bank of Pakistan has granted approval to Avanza Premier Payment Services (APPS) for pilot operation of e-commerce payment gateway 'PayFast'. Pakistan has over 80 million 3G / 4G subscribers, and a huge potential of ecommerce, the market value is estimated at $2 billion with a remarkable average yearly growth of 58 percent.

Covid-19 has evidently caused a boom in online payments as the customers' preference from cash has started to shift towards cashless means. Nonetheless, the value can be far better if the concerns are addressed as it is still a cash dominated economy with COD valuing 90 percent of online transactions.

According to an announcement, PayFast will provide payment acceptance via multi instruments with a user centric UI/UX, these include cards noteworthy being, UnionPay and other card schemes, Mobile Wallets and now unveiling Bank account numbers as an easy payment instrument.

PayFast is PCI-DSS compliant entity, coupled with a very dynamic Fraud and Risk Management System that will ensure security and compliance of transactions for the consumer and the merchant.

Another disruptive service PayFast is bringing to the table is digital invoicing. Payments can be accepted with just a unique link, ideal for FB merchants, freelancers, etc as the link can be sent via WhatsApp, FB messenger, email and mobile number.

PayFast will fill the gap of requirement of a payment gateway in the ecommerce industry. Its indigenous gateway's services and features would be comparable with renowned international gateways like Stripe, Square and Razorpay.

The Payfast CEO Syed Adnan Ali said digitalization is APPS ambition and an indispensable need of society particularly after the Covid-19 pandemic. "Our Vision is to provide Intuitive, reliable and a high standard solution to our valued partners and consumers while contributing toward the of the economy..." he added.

It may be mentioned here that PayFast has already received a vote of trust, as its portfolio of partner banks, a portfolio that has grown to 12 banks which include Allied Bank, Askari Bank, Bank of Punjab, Dubai Islamic Bank, Faysal Bank, Finca MicroFinance Bank, HabibMetro Bank, Summit Bank, UBank, JS Bank, Telenor Bank, and NRSP Bank.

Copyright Business Recorder, 2020