PayFast, APPS’s indigenous payments solution, has been granted a commercial license by the State Bank of Pakistan (SBP) under the SBP’s Payment System Operators / Providers (PSO/PSP) standards.
PayFast enables businesses, billers, and aggregators to accept payments from clients using a range of payment methods, including bank accounts, wallets, and domestic and international payment schemes. Through PCI-DSS certification and a data-driven fraud monitoring system, the gateway runs with cutting-edge security, limiting risk for its customers.
PayFast alleviates merchants’ pain points associated with accepting orders online, a trend that has accelerated significantly in the aftermath of the covid-19 outbreak. The number of registered e-commerce businesses surged from 1,400 to over 2,500 in a year, adding to Pakistan’s exponential development in e-commerce, which is on track to surpass $3 billion by the end of 2021.
Additionally, this increase might be due to improved connectivity and internet access, which enables firms to thrive online. Subscribers to 3G/4G services have surpassed 100 million. PayFast, by offering a comprehensive selection of instruments at low prices, increases the acceptance of payments for these merchants.
According to Mr. Adnan Ali, CEO of APPS, “APPS was formed with the primary goal of revolutionizing digital payments in Pakistan and expanding as a regional fintech player.” We are grateful to the State Bank for continuing to assist us and establishing a space for Fintechs, particularly the Payment Systems Department, led by Mr. Sohail Javaad.”
Mr. Arshad Raza, Chairman of the Board of Directors for APPS, stated in a statement, “When we invested in this company envisioned by Avanza Solutions, we anticipated that Pakistan’s payments business would be enormously lucrative and would witness unmatched growth in the future years. This commercial licence demonstrates the realization of that vision. We celebrate this day with great pride as part of the revolution to transform Pakistan into a cashless society.”
