PayFast, a local payment solution from APPS (Avanza Premier Payment Services), is now the first payment gateway in the country to receive a commercial license from the State Bank of Pakistan (SBP) under the Payment System Operator / Provider (PSO) regulation. APPS is approved for commercial use by SBP and through the PayFast payment gateway allows you to receive cards, mobile wallets, and bank account numbers from multiple devices.
PayFast allows merchants, billers and aggregators to receive payments from their customers in a variety of ways, such as bank accounts, wallets, and domestic and international payment schemes.
PayFast provides a solution to merchants for accepting online orders, whose number has increased significantly since the pandemic spread. The number of e-commerce entrepreneurs registered with banks has risen from 1,400 to nearly 2,500 per year, boosting Pakistan’s exponential growth in e-commerce, which is expected to surpass $ 3 billion by the end of 2021.
This growth can also be attributed to increasing Internet connections and accessibility, enabling businesses to thrive on the Internet. The number of 3G / 4G subscribers has jumped to 100 million.
Chairman of Board of APPS, Mr. Arshad Raza said at the occasion:
This commercial license is a testament to that vision. It is with great pride that we celebrate this day as part of the revolution in transforming Pakistan into a cashless society
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