PayPak, introduced in 2016, signifies Pakistan’s step into creating its own payment system. This puts the country in a special category globally, where it has its unique system. PayPak stands out because it provides various services like using ATMs locally, making purchases at retail stores, doing online shopping, and even has features for international use.
As of now, PayPak has become well-known in Pakistan’s finance industry. It holds a significant 25% share in the country’s debit card market and is used by over 11 million active cardholders. It has partnered with 40 banks and fintech companies, making its services widely available. With access to over 17,000 ATMs across the country, PayPak is expanding its presence in financial transactions.
PayPak takes cardholder security seriously, as seen in its fraud protection plan. This plan covers up to Rs. 30,000 each year through TPL Insurance and EFU General. PayPak also provides a life insurance policy of Rs. 100,000 annually for natural and accidental deaths, backed by TPL Window Takaful and EFU Insurance. This thorough security strategy follows the EMV compliance standards set by the State Bank of Pakistan.
PayPak’s operations are supported by 1LINK’s switching platform, ensuring adherence to EMV standards for ATM and POS machines. The use of chip and pin cards introduces a two-factor authentication process, enhancing the overall security of transactions.
Recently, PayPak introduced an Affiliate program to encourage participation from various financial entities like Microfinance providers and EMI licence holders. This initiative aims to broaden the digital payment landscape in Pakistan.
If you have a PayPak card, you can enjoy various discounts at many stores through Golootlo. Plus, you can get travel discounts for local airlines like PIA and AirSial.
PayPak’s focuses on local business support and collaborations with local banks is a step towards fostering a uniquely Pakistani experience in the digital payments domain. Its operations and initiatives resonate with the essence of Pakistani culture and values, as indicated by its tagline: #TruePakistani.
Getting a PayPak debit card is simple for anyone interested. Just go to the nearest bank and request one to begin your PayPak experience.
