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PayPak Debit Card: redefining financial transactions in Pakistan

04:46 PM | 22 Jan, 2024
PayPak Debit Card: redefining financial transactions in Pakistan

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.  


Daily Pakistan Global Web Desk


PKR rate against US Dollar, Euro, Pound, Riyal - Check 16 April forex rates

Pakistani currency gains momentum against all currencies on April 16, 2024 Tuesday. US dollar was being quoted at 277.9 for buying and 280.85 for selling.

Euro was quoted at 295 for buying and 298 for selling while British Pound stands at 345 for buying, and 349 for selling.

UAE Dirham AED was at 75.4 and Saudi Riyal's new rates was at 73.30. 

Today’s currency exchange rates in Pakistan - 15 April 2024

Currency Symbol Buying Selling
US Dollar USD 277.9 280.85
Euro EUR 295 298
UK Pound Sterling GBP 345 349
U.A.E Dirham AED 75.45 76.2
Saudi Riyal SAR 73.3 74.05
Australian Dollar AUD 182.7 184.5
Bahrain Dinar BHD 739.38 747.38
Canadian Dollar CAD 204 206.2
China Yuan CNY 38.45 38.85
Danish Krone DKK 40.45 40.85
Hong Kong Dollar HKD 35.57 35.92
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.86 1.94
Kuwaiti Dinar KWD 903.91 912.91
Malaysian Ringgit MYR 58.92 59.52
New Zealand Dollar NZD 167.63 169.63
Norwegians Krone NOK 25.38 25.68
Omani Riyal OMR 722.1 730.1
Qatari Riyal QAR 76.35 77.05
Singapore Dollar SGD 206 208
Swedish Korona SEK 25.72 26.02
Swiss Franc CHF 307.11 309.61
Thai Bhat THB 7.61 7.76


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