PayPak
| PayPak | |
| Product type | |
|---|---|
| Owner | 1Link |
| Country | Pakistan |
| Introduced | 5 April 2016 |
| Markets | Pakistan |
| Website | www |
PayPak (Urdu: پے پاک) 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
[edit | edit source]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
[edit | edit source]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
[edit | edit source]References
[edit | edit source]- ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
- ^ a b Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
- ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
- ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
- ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
- ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
- ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
- ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
External links
[edit | edit source]- PayPak Website Archived 2019-07-23 at the Wayback Machine
Lua error in mw.title.lua at line 392: bad argument #2 to 'title.new' (unrecognized namespace name 'Portal'). Lua error in Module:Authority_control at line 153: attempt to index field 'wikibase' (a nil value).