PayFast, the indigenous payments solution by APPS, is now the first payment gateway in the country to receive a commercial license from the State Bank of Pakistan (SBP) under its rules for Payment System Operators / Providers (PSO/PSP).
Advertisement:
This growth can also be attributed to increasing connectivity and internet access, allowing businesses to thrive online. The number of 3G/4G subscribers has jumped to 100 million. PayFast, therefore, enhances the acceptability of payments for these merchants by offering a diverse range of instruments at competitive fees.
In a statement, Mr. Adnan Ali, CEO of APPS, said, “APPS was founded with the primary aim to revolutionize the digital payments services in Pakistan and expand as a regional fintech player. We are thankful to the State Bank for continuing to support us and creating a space for Fintechs, and especially the Payment Systems Department headed by the forward-thinking leadership of Mr. Sohail Javaad.”
Mr. Arshad Raza, Chairman of the Board for APPS, said in a statement, “When we invested in this startup envisioned by Avanza Solutions, we always believed that Pakistan’s payments market would be immensely lucrative and would see the unmitigated performance in the coming years. 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.”