- Source: PayPak
PayPak (Urdu: پے پاک) is a domestic payment service available in Pakistan.
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 online transactions within Pakistan.
The new payment scheme aims to compete in the domestic market with other international payment schemes like Visa, MasterCard & UnionPay.
Technology and license
PayPak uses the Gemalto's product PURE. PURE is an off-the-shelf payment application from Gemalto that is fully compliant with the EMV™ standard. It is designed for dommes and private payment card associations looking for chip-based security and fast time to market. PURE is also a scheme-agnostic EMV application that private-label card issuers and national payment associations can use without the need to enter into a business agreement with another payment scheme.
Market share
The uptake of the payment scheme has been slow. As of February 2021, more than 4 million PayPak cards have been issued – representing 3.5% of the 41.9 million payment cards issued in the country.
PayPak has over 25% of market share in terms of volume of cards in the market.
While Visa has 40%, Mastercard and UnionPay have 25% each of market share.
See also
Rupay
Google Pay (payment method)
Raast
References
External links
PayPak Website Archived 2019-07-23 at the Wayback Machine
