UnionPay International (UPI) and Avanza Premier Payment Services (APPS) have joined together to digitize Pakistan through the power of M-commerce transactions.
By virtue of this, APPS has become a Third Party Service Provider (TPSP) of UPI, a globally leading mobile payment service provider. The signing ceremony held at UPI’s headquarter in Shanghai and was attended by Mr. Syed Adnan Ali, CEO APPS, Mr. Larry Wang, Vice President, UPI, Mr. Nadeem Haroon, Country Manager, UPI Pakistan along with top management of both companies.
PayFast; APPS’ robust payment gateway, is focused on empowering banks to embrace the same level of diversified payment acceptance. By harnessing the power of new age payment methods, combined with the widespread availability of smartphones, both entities have enhanced the mobile applications of partner banks to enable Quick Response (QR), P2P and Tap & Pay (HCE & NFC) based transactions and also to provide exciting discounts and cashback promotions.
Banks which have been enabled for Payfast powered M-commerce transactions include;
- Askari Bank
- Faysal Bank
- Habib Metro Bank
- NRSP Bank
- Summit Bank
- U Bank
Payfast is a Fintech which is obtaining PSO / PSP license from the State Bank of Pakistan and will enable digital payments through Bank Accounts, Mobile Wallets and UnionPay, and other scheme cards. The primary objective of Payfast is to accelerate the Pakistani digital payments market up to and beyond the standard of international markets.
UnionPay International has enabled UnionPay card acceptance in 177 countries and regions with issuance in 58 countries and regions. UnionPay International provides high quality, cost effective and secure cross-border payment services to the world’s largest cardholder base and ensures convenient local services to a growing number of global UnionPay cardholders and merchants.
Mr. Adnan Ali, CEO – APPS, said, “China’s a leading innovator in the mobile payments industry; synergizing with UnionPay International,the subsidiary of China UnionPay, will pave the way to replicate the same level of innovation in Pakistan and tap into the ever growing potential of mCommerce. This also showcases that domestic companies have the potential to attract international markets to partake and invest in them. We as a nation are progressing towards a digital economy where Payfast will be a catalyst in making Pakistan Go Cashless.”