PayFast signed an agreement to formally establish PayFast Pakistan’s fastest and most reliable domestic online payment gateway. It will deploy an E-commerce & M-commerce payment gateway and merchant digitization service.
Mr. S. Arshad Raza, CEO, Premier Systems, said, “We have many international partners, but now we have a domestic player embracing the digital economy and enriching it by providing substantially convenient payment solutions. Pakistan is at the cusp of a digital revolution and we are proud to be part of that drive.”
Mr. Mahmood Kapurwala, CEO, Avanza Group stated, “We are proud to be partnering with Premier Systems to launch APPS, which will become the country’s gateway of choice for payments and help digitize our e-commerce ecosystem. Our objective is to help businesses and consumers alike to overcome payment hurdles and make Pakistan a proud member of the growing digital arena.”
The two organizations aim to create synergies that enable APPS to cater to the rapidly evolving digital landscape in Pakistan. Our economy is still reliant on the cash on delivery (COD) model with our e-commerce industry consisting of 90% COD indicating that Pakistan has yet to accept digitalization.
On that note PayFast’s newly appointed CEO, Mr Adnan Ali presented the end-to-end technology stack that would help APPS to move Pakistan towards a cashless landscape by digitizing major institutions such as merchants, schools, billing industries, mutual funds & other corporate entities by providing a secure hassle-free digital experience.
Mr. Adnan Ali, CEO, PayFast, said, “This is a momentous occasion for us all, as we are aware that Industry 4.0 is shaping up to disrupt the way we do business, we will be one of the pioneers in innovating the domestic industry. We aim to digitize the market for our potential stakeholders and play the role of a catalyst in digital payments of Pakistan.”
With respect to Pakistan, the launch of PayFast will spur innovation in the domestic market by encouraging the community to pay using digital means but also make digital payments easier and widely available for banking customers e-commerce enablement.