PayFast became Pakistan's first payment gateway to be granted Commercial License from State Bank of Pakistan

PayFast is currently the first payment portal in the world to obtain a commercial license under its Payment System Operators (PSO/PSP) rules from the State bank of Pakistan (SBP).

PayFast allows traders, billed and aggregators, by a range of means, including banking accounts, wallets, and domestic and foreign transfers, to collect payments from their consumers. The gateway runs on state-of-the-art security, reducing risks through PCI-DSS certification and a data-driven fraud monitoring scheme for its customers.

PayFast addresses commercial pain points by embracing online orders that have increased dramatically following the pandemic of CBD-19. The number of eCommerce traders registered with banks has risen from 1.400 to nearly 2,500 in a year, leading to the explosive growth in eCommerce in Pakistan, all of which is set to reach $3 billion by the end of 2021.

The rise in accessibility and Internet access can also be due to rising online prosperity for enterprises. There have been 100 million subscriptions to 3G/4G. Therefore PayFast increases payment acceptability for such retailers by including a variety of tools at affordable fees.

APPS CEO Adnan Ali said in a statement, 

"As a regional fintech player, APPS was created with the primary purpose of revolutionizing digital payment systems in Pakistan. We are grateful to the Bank for its help to Fintechs, and in particular, the Department of Payment Systems, headed by Sohail Javaad's forward-looking leadership."

Mr. Arshad Raza, Chairman of the Board for APPS, said in a statement, 

“When we invested in this startup imagined by Avanza Solutions, we still felt that Pakistan’s payments business would be incredibly lucrative and would see unmitigated success in the coming years. This commercial license is proof of this vision. We celebrate this day with great pride as part of the revolution to transform Pakistan into a cashless country."