PayPak

PayPak
PayPak
Product type
Owner1LINK
Country Pakistan
Introduced5 April 2016; 8 years ago (2016-04-05)
MarketsPakistan
Website1link.net.pk/paypak/

PayPak (Urdu: پے پاک) is a Pakistani domestic financial services and payment service launched by 1Link under the State Bank of Pakistan Vision 2020. Currently, 35 of the country's banks have adopted it.[1] The reason to launch this domestic payment scheme was to save inter-change costs of International Payment Schemes. PayPak cards can only be used on ATMs & POS Terminals throughout Pakistan and enabled for online transactions.[2]

The new payment scheme aims to compete in the domestic market with other international payment schemes like Visa, MasterCard & UnionPay.[3]

  1. ^ "First domestic payment scheme launched". Dawn. 2016-04-06. Retrieved 2019-04-28.
  2. ^ Khan, Mutaher (2019-04-21). "Tech talk: A local startup bets the bank on electronic payments". Dawn. Retrieved 2019-04-28.
  3. ^ "Pakistan's First Domestic Payment Scheme PayPak Launched". ProPakistani. Retrieved 2019-04-28.