PayFast by APPS (“PayFast”) is Pakistan’s first fintech to collaborate with worldwide payments giant Visa via Cybersource. Cybersource will provide PayFast with its strong and dynamic digital payment solution suite as part of the cooperation. It consists of an e-commerce checkout, a digital merchant platform, fraud management, and SoftPOS. This effort prepares the way for PayFast to provide a dynamic and secure payment gateway with user-friendly UI/UX. It allows companies to accept online payments via debit and credit cards.
The collaboration is a significant step forward in PayFast’s ambition to bringing the firm, and Pakistan, to the forefront of the regional fintech sector. The State Bank-licensed and regulated PSO/PSP intends to expand its worldwide reach, beginning with the MENA area.
The connection contributes to the expansion of PayFast’s SoftPos programme, which dramatically improves digital payment acceptance for merchants of all sizes by delivering quick, secure, and cost-effective online payment solutions. In Pakistan, POS penetration is now shockingly low, with just over 90,000 POS terminals deployed nationally compared to millions of retailers. One of the primary reasons is the hefty establishment expenses that hinder acquirers from serving medium or small enterprises. Because contactless payments have increased by more than 40% globally in the last two years, retailers will benefit from a simple, secure, and cheap digital solution to promote sales and optimise income potential. PayFast can give the convenience, cost, and speed of integration with Cybersource by integrating it.
“PayFast strives to make online payment acceptance hassle-free in Pakistan,” said Arshad Raza, Chairman of PayFast. By onboarding Visa directly through Cybersource, PayFast’s Ecommerce and Business partners will receive access to the world’s most sophisticated industry standards, bringing us closer to our goal. We will remember this as a watershed moment in our company’s history, especially as we expand our services abroad.”
“Visa has altered payment acceptance for businesses globally,” said Adnan Ali, CEO of PayFast. PayFast’s most recent collaboration with them, via Cybersource, demonstrates our creative techniques and continuous promise to improve Pakistan’s international image. It also confirms our objective of making safe, quick, and secure digital payment solutions the standard in Pakistan. We are pleased to provide an ideal experience to our clients with this new step, and I am proud of the team for accomplishing the milestone of PayFast becoming the first Pakistani fintech to work directly with Visa.”
“As Pakistani consumers increasingly shift online, fraudsters have looked for new ways to exploit them,” said Leila Serhan, Visa’s Group Country Manager for North Africa, the Levant, and Pakistan. It is critical that merchants be prepared to combat fraud and guarantee that consumers prefer digital payments to cash-on-delivery. Visa believes that cybersecurity is a team effort, and this relationship with PayFast demonstrates our commitment to assisting local merchants with their digital transition.”
“As Pakistani consumers increasingly shift online, fraudsters have looked for new ways to exploit them,” said Leila Serhan, Visa’s Group Country Manager for North Africa, the Levant, and Pakistan. It is critical that merchants be prepared to combat fraud and guarantee that consumers prefer digital payments to cash-on-delivery. Visa believes that cybersecurity is a team effort, and this relationship with PayFast demonstrates our commitment to assisting local merchants with their digital transition.”
