The world is increasingly expecting faster payments. Even the thought of paying for things with a simple swipe of the watch is no longer surprising. Meanwhile. the process of using payments through electronic means to curb unregulated and free markets remains useless for decades in Pakistan due to the absence of any concrete roadmap and regulations on the use of electronic payment.
The biggest obstacle to financial inclusion is the high cost of cards based on international schemes. As a result, a large percentage of the population does not deal with banks and does not receive adequate services. Unbanked residents do not have access to banking services and cannot use electronic media to pay utility bills. Get quick and easy credits. Buy goods. Get government benefits. Receive remittances. Etc.
The integration of digital payments into the economies of emerging and developing countries addresses critical issues of broad economic growth and individual financial empowerment. Digital financial services linked to the local payment system will not only enhance financial inclusion but also boost economic growth.
In line with the State Bank of Pakistan 2020 vision to enhance and promote financial inclusion, 1LINK (Guarantee) Limited launched Pakistan’s first domestic payment plan PayPak which aims to provide efficient, cost-effective, robust and comprehensive payment solutions. With this launch, Pakistan has become the 28th country in the world to have its own domestic payment system.
With a local payment system in place, the following benefits can be achieved in the short term:
- Transform the country’s digital payments landscape by ensuring digital financial access to both underserved and underserved populations while simultaneously reducing transaction costs and improving overall efficiency
- Provides interoperability with the local payment system.
- Accept the integration of government programs immediately at the lowest cost.
- Product offerings to expand payment services and expand access to financial services in Pakistan.
- Creating new innovations in technology, specific to local ambitions.
- Built-in scalability for future plans to launch an e-wallet/prepaid program.
- Enable person-to-person transactions such as transferring money from card to card through various payment methods.
- Highly cost-effective card scheme program.
With TPS as your trusted technology partner, the following banks have launched cards based on the PayPak scheme:
Allied PayPak Debit Card enables bank customers to make ATM withdrawals as well as Retail/Point of Sale transactions anywhere within Pakistan, without relying on international payment systems. With a local payment system in place, the bank provides cost-effective payment solutions to its customers.
Askari PayPak debit card holders enjoy the convenience of making cash withdrawals through all ATMs across Pakistan. By using PayPak. Askari Bank is able to provide efficient and low-cost payment solutions to its customers.
Creating digital payments and adapting powerful methods of financial inclusion such as PayPak has tremendous benefits for poor populations in emerging markets. This also helps address concerns about transparency and traceability of payments.
It is possible to use the Bank Al Falah Paypak Classic Debit Card locally. The card is welcomed at all locations that display the PayPak / 1Link / MNet logos on POS machines. This includes as many as 27,000 major institutions in Pakistan. Al Falah Bank Classic Debit Card can be used to pay for shopping, meals, travel, entertainment, holidays, fuel, etc., as well as up to 8000 ATMs, to withdraw cash from your available bank account balance. By getting Al Falah Bank Classic Paypak Debit Card, you can access your AlFalah Bank account from anywhere in Pakistan.
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