The State Bank of Pakistan (SBP) has authorized and regulated PayFast as a FinTech. It enables any business to accept online payments from clients using a number of methods, resulting in higher sales conversions and business expansion.
The company wants to speed up digitization and change how payments are made throughout the nation.
They can safely assert that their journey has just begun even though they have already accomplished a number of hard-won milestones in their service to Pakistan’s shift toward financial inclusion and digitization.
To understand what FinTech is and how much it is beneficial for the people of Pakistan, TechX Pakistan interviewed Manager Aggregator and Acquirer Mr. Shahzaib Kapoorwala. He stated, “PayFast is an Internet Payment Gateway (IPG) which simplifies online payments all over the world. We are licensed by the State Bank of Pakistan (SBP) under regulation 2014 and also, we have proper PCI DSS compliance with a security department.”
Moreover, he also stated, “Our USP is, for the first time in Pakistan PayFast introduced the model of accepting online payments by bank account numbers, before that VISA or MasterCard was the source. So, we initiated a concept where people who were relying on cheques and cash and because of this the major chunk of the industry was ignoring.”
To watch the full interview, check out this video.
To read our blog on “PayFast by APPS is the first fintech in Pakistan to join Visa’s CyberSource program,” click here.