PayFast and the Bank of Punjab (BOP) have joined hands to promote the growth of Pakistan’s digital payments industry in line with the government’s Digital Pakistan vision.
Under the partnership, PayFast will use its payment gateway to enable BoP account holders to conduct e-commerce transactions easily by entering their bank account numbers. Simultaneously, they are rolling out mobile payments such as QR code and Tap & Pay transactions.
The Bank of Punjab (BOP) has been actively engaged as a digital enabler, primarily through its various alliances and mandates within the public sector.
In pursuance of a cash-less digital economy, BOP aims at enabling the largest digital ecosystem for its customers through such collaborations within the payments industry.
PayFast is also aiming to create a digital payment platform in Pakistan that offers acceptance of multiple instruments i.e. bank account numbers, mobile wallets, and UnionPay MasterCard, & Visa cards.
PayFast has partnered with UnionPay International to introduce the mobile payment revolution that was previously witnessed in China. They are currently steering towards acquiring State Bank’s license to become the Payment System Operator/Provider (PSO/PSP).
Mr. Waqas Anis, Head Digital Banking BOP, deemed this proposition essential for the industry, stating that its benefits lie in account-based purchases as well as in enabling all issuers and merchants across the country to join hands on one e-commerce platform, thus creating a viable potential much greater than the card-only model.
Mr. Adnan Ali, CEO, PayFast, stated, “This strategic partnership will allow customers of BOP to have access to digital payments that range from e-commerce to m-commerce. We are excited about this collaboration as it will strengthen the path for PayFast towards becoming a leading Fintech disruptor which will change Pakistan’s dependency on conventional payment methods.”
