PayPak Revolutionizes Digital Payments in Pakistan

PayPak is a game-changer for digital payments in Pakistan. It's a national payment card scheme that allows users to make transactions online and offline.

PayPak was launched in 2017 by the State Bank of Pakistan, in collaboration with the National Bank of Pakistan and other financial institutions. This partnership has made it possible for users to access a wide range of financial services.

With PayPak, users can make online payments, transfer funds, and even purchase goods and services from various merchants. This has made it easier for people to shop online and conduct financial transactions from the comfort of their own homes.

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PayPak offers a convenient way to make payments online or in-store using your mobile phone or any other device.

You can also use PayPak to pay bills, which can be done through various channels such as banks, utility providers, and other billers.

One of the key benefits of PayPak is that it allows you to make payments 24/7, without any geographical restrictions.

PayPak has a significant presence in the market, with over 25% of the market share in terms of the volume of cards.

As of February 2021, more than 4 million PayPak cards have been issued, which represents 3.5% of the 41.9 million payment cards issued in the country.

In comparison, Visa dominates the market with 40% of the market share. Mastercard and UnionPay also have 25% each.

Here's a breakdown of the market share in the country:

The adoption of PayPak has been a game-changer for banks in Pakistan, with several institutions partnering with TPS to launch PayPak-based cards.

Allied Bank's Allied PayPak Debit Card allows customers to make ATM withdrawals and retail/POS transactions domestically, eliminating the need for international payment schemes.

Askari Bank's Askari PayPak debit card provides customers with the ease of making cash withdrawals through all ATMs across Pakistan.

Adopting PayPak has enabled banks to offer cost-effective payment solutions to their customers, making financial transactions more efficient and affordable.

The PayPak scheme has also helped address concerns about the transparency and traceability of payments, particularly in emerging markets where digital payments are becoming increasingly important.

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PayPak is a payment system that allows users to make online transactions using their debit or credit cards.

It's a collaboration between the State Bank of Pakistan and Mastercard, making it a secure and reliable option for users.

PayPak cards are accepted at over 35 million merchant locations worldwide, making it a convenient option for users who want to shop online.

1LINK has launched PayPak Credit Cards in partnership with Euronet Pakistan on a Managed Service Model. This strategic partnership aims to provide PayPak credit card issuance and processing under a completely outsourced and managed services model.

The collaboration will further push the reach of the domestic payment scheme and result in digital finance adoption, in line with State Bank of Pakistan’s National Payment Systems Strategy. PayPak Debit Cards are already issued by 38 entities, including all major banks in Pakistan.

Currently, only 11 out of 40 commercial and microfinance banks in Pakistan are offering credit cards to their customers largely due to the high system implementation cost. 1LINK's aim is to provide a cost-effective solution to all banks, FinTechs & lending institutes.

Euronet Pakistan is a division of Euronet Worldwide, a NASDAQ listed company, and brings with it the experience of the world’s largest global provider dedicated to banking and payments technologies.

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Here's the PayPak Details article section on Card Limits:

You can make purchase or POS transactions up to 50,000 PKR with your PayPak card.

The ATM withdrawal limit for your PayPak card is also 50,000 PKR.

Here's a quick rundown of your card limits:

The Card Issuance Fee is PKR 1,500/- Incl FED, which is a one-time charge for getting your PayPak card.

You'll also pay a Card Annual Fee of PKR 1,500/- Incl FED every year to keep your card active.

If you ever need a replacement card, the Card Replacement Fee is PKR 1,500/- Incl FED.

One good thing is that there's no charge for Cash Withdrawal from Bank Alfalah's ATM or 1-Link member bank ATM.

Similarly, Balance Enquiry from Bank Alfalah's ATM or 1-Link member bank ATM is also free.

However, if you need to resolve a dispute through arbitration, you'll have to pay USD 500/-.

Here's a breakdown of the charges:

PayPak is transforming the digital payments landscape in Pakistan by ensuring digital financial access to both the unserved and underserved population, while reducing transaction costs and improving efficiency.

One of the key benefits of PayPak is its ability to provide interoperability in the domestic payment ecosystem, making it easier for people to make payments and transfer funds.

PayPak's acceptability also allows it to instantly incorporate government programs at minimum cost, making it a convenient and cost-effective option for both the government and citizens.

By expanding payment services and broadening access to financial services, PayPak is helping to bring more people into the formal financial system.

PayPak's built-in scalability capacity also enables it to adapt to future plans, such as launching an e-Wallet or prepaid program.

In addition to these benefits, PayPak also enables person-to-person transactions, such as card-to-card funds transfer, using various payment instruments.

Here are some of the key benefits of PayPak: