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PayFast Becomes First Pakistani Payment Gateway to Get Commercial License from SBP PayFast the indigenous payments solution by APPS (Avanza Premier Payment Services) is now the first payment gateway in the country to receive a commercial license from the State Bank of Pakistan (SBP) under its rules for the Payment System Operators/Providers (PSO/PSP). APPS is approved for pilot operations by the SBP, and it empowers the multi-instrument acceptance of Scheme Cards, Mobile Wallets, and Bank Account Numbers through its payment gateway PayFast. PayFast enables merchants, billers, and aggregators to receive payments from their customers through a variety of methods like bank accounts, wallets, and domestic and international payment schemes. ....
There’s no major representation of Pakistani entrepreneurs even in countries where the environment is much more favourable. AFP/File For the longest time, the country’s private sector has often used the government’s inefficiencies as an excuse for its own mediocrity. Be it the hue and cry over taxes or the demands of trade protection, Pakistan Inc. has developed a particularly rent-seeking behaviour. In some respects, the startups are not too different. After all, they also take birth in the same corporate culture. Though they may not yet have proper lobbies to make their case with the government and get some goodies, these young organisations often blame their own lack of success on a lack of governmental support. So naturally one wonders if regulations and the business environment were more conducive, would our entrepreneurs have done things drastically different? ....