PayFast by APPS is pleased to announce that it has partnered with worldwide payments leader Visa through Cybersource, making it the first fintech in Pakistan to do so. Cybersource will provide the company with its powerful and dynamic digital payment solution suite as part of the cooperation. SoftPos, E-commerce, Fraud Management, and a digital merchant platform are among them.
This helps PayFast by APPS achieve its long-term growth goals by improving operational efficiency and technical agility for its customers. It will provide a world-class client experience by incorporating the greatest security infrastructure and service quality requirements.
The collaboration marks a watershed moment in PayFast by APPS’ resolve to propel the firm, as well as Pakistan, to the forefront of the regional fintech sector. The PSO/PSP, which is licenced and controlled by the State Bank, plans to expand its influence outside national lines, beginning in the MENA area.
Furthermore, the integration aids PayFast by APPS’ SoftPos programme, which will significantly improve digital payment acceptance for merchants of all sizes by delivering quick, safe, and cost-effective online payment solutions.
In comparison to the millions of retailers in the market, Pakistan’s POS penetration is shockingly low, with just over 90,000 POS terminals deployed nationally. One of the main reasons is that acquirers are unable to service mid and small firms due to hefty establishment expenses.
“As Pakistani customers increasingly transition online, fraudsters have sought for new methods to abuse them,” Leila Serhan, Visa’s Group Country Manager for North Africa, the Levant, and Pakistan, said. It’s critical that merchants have the tools they need to fight fraud and provide customers peace of mind when they choose digital payments over cash on delivery. Visa believes that cybersecurity is a team effort, and our collaboration with PayFast exemplifies our commitment to assisting local merchants with their digital transition.”
“We are excited to partner with PayFast by APPS, the first Pakistani fintech company to launch our dynamic Cybersource solution, which offers multiple benefits to merchants and provides customers with a frictionless, secure, and convenient payment solution. We believe this initiative will pave the way for Pakistan’s cashless future.” said Kamil Khan, Visa’s Country Manager for Pakistan. This effort, we feel, would pave the path for Pakistan’s cashless future.”
To read our blog on “PAY2M: PayFast expands into MENA through a joint venture with Twyla Technologies,” click here.