Pakistan’s First Domestic Payment Scheme PayPak Launched
The Chief Guest Mr. Ashraf Mahmood Wathra, Governor; State Bank of Pakistan, officially launched Pakistan’ first Domestic Payment Scheme PayPak (like Paypal, aprilPayoneer) in Karachi on April2016. PayPak” has been introduced by 1 link with the collaboration of their Affiliated Banks.
Mr. Saeed Ahmed, Deputy Governor, State Bank of Pakistan and Mr. Ashraf Khan, Executive Director, Operations, State Bank of Pakistan were also present on the occasion.
The new PayPak payment will be available in domestic market of Pakistan competing with other international payment schemes.The PayPak card will only be used within Pakistan with benefit of low cost, ease of affordability and robust security to ordinary citizens.
The launch event was organized by 1LINK (Guarantee) Limited awas held at Pearl Continental Hotel, Karachi on Tuesday. The event was attended by various senior officials from the regulatory body and the banking industry.1LINK (Guarantee) Limited is already providing interoperability services for ATM transactions as well as interbank fund transfers and utility bill payment facility.
With the Launch of PayPak Pakistan became the 28th country in the world to have her own domestic payment scheme.
After launching the Chief Guest Mr. Ashraf Mahmood Wathra, Governor; State Bank of Pakistan,, said
“With the launch of PayPak, Pakistan has become the 28th nation in the world to launch such a card scheme. We encourage all banks to utilize this new service and pass benefit to end customer”.
Mr. Faisal Ejaz Khan, CEO; 1LINK (Guarantee) Limited said
“1LINK has introduced various innovative services to promote electronic banking and financial inclusion, launch of ‘PayPak’ domestic scheme is the key milestone to make cards and electronic payments in reach of masses”
!link is also providing support to BISP, WATAN cards, IDP cards etc.
over 19 banks have already signed up for PayPak to launch debit card services including Habib Bank, Bank Al Habib, NRSP and many other.(News tribe)