BrandWikiReturn

PayPak

PayPak is a domestic payment service available in Pakistan.[1]

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.[2]

The new payment scheme aims to compete in the domestic market with other, established, international payment schemes such as Visa, Mastercard, and UnionPay.[3]

Technology and license

PayPak uses 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 banks and private payment card associations seeking chip-based security and a fast time to market. Additionally, PURE is a scheme-agnostic EMV application that private-label card issuers and national payment associations can utilise 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.[5] By February 2021, more than 4 million PayPak cards had been issued[2] – representing about 9% of the overall 44.5 million payment cards issued in the country.[6] 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.[7][8]

See also

  • Rupay
  • Google Pay (payment method)
  • Raast

External links

References

  1. First domestic payment scheme launched Dawn, 2016-04-06, retrieved 2019-04-28^
  2. Mutaher Khan. Tech talk: A local startup bets the bank on electronic payments Dawn, 2019-04-21, retrieved 2019-04-28^
  3. Pakistan's First Domestic Payment Scheme PayPak Launched ProPakistani, 5 April 2016, retrieved 2019-04-28^
  4. 1LINK selects Gemalto PURE white-label EMV technology for PayPak Daily Times, 2018-01-29, retrieved 2019-04-28^
  5. SBP asks banks to accelerate adoption of PayPak cards The Nation, 2017-12-08, retrieved 2019-04-28^
  6. Payment Systems Review – Quarter 3 FY21 State Bank of Pakistan^
  7. PayPak Debit Card: Redefining Financial Transactions in Pakistan ProPakistani, 2024-01-22, retrieved 2025-03-25^
  8. Payment Systems Review – Quarter 3 FY24 State Bank of Pakistan^