PayPak is a Pakistani payment and financial services app launched by 1Link as part of the State Bank of Pakistan’s Vision 2020. At the moment, 35 banks across the country have accepted it. To save money on the exchange fees that come with international payment schemes, this local payment scheme was made. PayPak cards are only accepted at ATMs and point-of-sale terminals in Pakistan. They can also be used to perform online transactions.
The company thinks that the new payment option will allow it to compete with Visa, MasterCard, and UnionPay in the US market.
More and more, people around the world expect payments to be made faster. It’s no longer strange to think about paying for things with an easy swipe of a watch. On the other hand, using electronic payments to stop uncontrolled and open markets has not worked for decades in Pakistan because there is no clear plan or rules on how to use electronic payments.
The high cost of cards based on foreign schemes is the main thing that stops people from getting bank accounts. As a result, a big part of the population doesn’t have bank accounts and isn’t getting enough service. Some people don’t have access to banking services and can’t use computer means to do things like pay their bills, get quick and easy loans, buy things, get government benefits, send and receive money, etc.
Adding digital payments to the economies of growing and emerging nations is a key way to help the economy grow and give people more control over their own money. Putting together digital financial services with a home payment system will not only help more people get access to money, but it will also help the economy grow.
As part of the State Bank of Pakistan’s Vision 2020 to improve and expand financial inclusion, 1LINK (Guarantee) Limited released PayPak, Pakistan’s first domestic payment scheme. Its goal is to make payments easier, cheaper, more reliable, and available everywhere. Pakistan is now the 28th country in the world to have its own way to pay for things within the country.
Benefits of PayPak
Changing the way digital payments are made in the country by giving people who aren’t served or aren’t served enough digital financial access, while also lowering transaction costs and making things run more smoothly overall.
Allows payment systems in the United States to talk to each other.
Acceptance to quickly add government programmes at the lowest cost.
Pakistan will be able to get more payment services and cash services by buying these products.
Bringing up new technological advances that are relevant to home goals.
Built-in scale for when we want to start an e-Wallet or pre-paid programme in the future.
A variety of payment methods can be used to make transactions between people possible, such as sending money from one card to another.
Very cost-effective programme for a card plan.
UBL PayPak
The UBL PayPak Debit Card can only be used at ATMs and stores in Pakistan. However, the UBL Classic Debit Card, the UBL Premium Mastercard Debit Card, and the UBL Union Pay (UPI) Debit Card can all be used in other countries as well.
The UBL PayPak Debit Card is a local card that works with PayPaKl-1link. Your UBL PayPak Debit Card lets you safely and easily use it to make purchases and withdrawals at ATMs and stores all over Pakistan.
UnionPay PayPak
Your UnionPay PayPak Classic Debit Card can be used at thousands of ATMs and stores in Pakistan that show the 1-Link sign. It can also be used at millions of Union Pay ATMs, Point of Sale (POS) machines, and online stores around the world.
You can add credit cards to your PayPal Digital bank. Then, when you want to pay, all you have to do is enter your username and password and choose which card to use.
