PayPak, launched in 2016, marks Pakistan’s entry into the realm of domestic payment schemes, positioning the country among a select group globally to have its system. It offers a range of services, from local ATM withdrawals to retail POS transactions and e-commerce, along with capabilities for international use.
As of now, PayPak has carved out a notable presence in Pakistan’s financial sector. It claims a 25% share in the local debit card market, serves over 11 million active cardholders, and partners with 40 banks and fintech companies. The scheme is accessible via more than 17,000 ATMs nationwide, emphasizing its growing footprint in financial transactions.
Cardholder security is a priority for PayPak, evident by its fraud protection plan that provides coverage of up to Rs. 30,000 annually through TPL Insurance and EFU General. Additionally, PayPak offers a life insurance policy of Rs. 100,000 per year, covering natural and accidental deaths, underwritten by TPL Window Takaful and EFU Insurance. This comprehensive security approach aligns with the EMV compliance standards mandated by the State Bank of Pakistan.
PayPak’s operations are supported by 1LINK’s switching platform, ensuring adherence to EMV standards for ATM and POS machines. Using chip and pin cards introduces a two-factor authentication process, enhancing the overall security of transactions.
Recently, PayPak introduced an Affiliate program to encourage participation from various financial entities like Microfinance providers and EMI licence holders. This initiative aims to broaden the digital payment landscape in Pakistan.
PayPak cards offer a range of deals and discounts for cardholders at numerous merchant outlets through its partnership with Golootlo. Additionally, travel discounts are available on domestic airlines such as PIA and AirSial.
PayPak’s focus on local business support and collaborations with local banks is a step towards fostering a uniquely Pakistani experience in the digital payments domain. Its operations and initiatives resonate with the essence of Pakistani culture and values, as indicated by its tagline: #TruePakistani.
It’s easy for interested customers to obtain a PayPak debut card: visit the nearest bank branch and ask for it to get started with the PayPak experience.
#ChooseHopeChoosePayPak
