Bank Alfalah and PayFast have joined forces to allow MasterCard Payment Gateway Services (MPGS) on PayFast’s payment gateway with the goal of transforming Pakistan’s financial services market.
The collaboration will make PayFast Pakistan’s only payment gateway solution to provide multiple acceptance of financial instruments, i.e. bank accounts, mobile wallets and scheme cards such as UnionPay and now Visa and MasterCard.
The need for digital payments grew exponentially with the COVID 19 pandemic. Hence this partnership between PayFast and Bank Alfalah will offer acceptance of domestic and international Visa & MasterCards to the ecosystem of PayFast’s e-commerce merchant. The goal for online shoppers is to make online purchases seamless and without friction.
Speaking of this collaboration, Bank Alfalah representative Mr. Syed Muhammad Asif, Head of Unsecured Company, said “We at Bank Alfalah are pleased to work with Payfast to further branch off online payments.
This will help to create a smooth and safe digital transaction experience for users across the country, making cashless transactions more common. “Bank Alfalah is Pakistan’s fifth-largest private bank with a network of more than 700 branches in more than 200 cities across Pakistan with an international presence in Bangladesh, Afghanistan, Bahrain and a
The Abu Dhabi Group owns and operates The Bank. World Bank International Finance Corporation (IFC) partnered with the Bank in 2014, holding a 15 percent stake in Alfalah Bank.
The Bank offers financial solutions to individuals, businesses, organizations, and governments through a wide range of products and services, including corporate and investment banking, wholesale banking and credit, equity brokering, business, SME, AgriFinance, Islamic Banking, and Asset Financing.
Mr. Adnan Ali, CEO of APPS, said, “Bank Alfalah shares the same vision with us for creating a cashless society and MPGS integration with our Checkout will play a catalyst role in E-commence payment acceptance.”
“This partnership further diversifies payment methods of PayFast as we can also accept Visa and MasterCard Debit & Credit Cards for our online merchant partners. This will allow us to continue our quest in fighting cash and resolving the bottlenecks faced by merchants while embracing the digital era.” Mr. Ali continued.
PayFast’s goal is to build a digital payment platform and provide acceptance of multiple payment platforms, instant on-board, robust APIs and 24/7 ready support & request for payment/invoicing-based payments through payment connection.
By updating Bank’s Mobile Applications for QR & Contactless Payments, PayFast has also collaborated with UnionPay International to pioneer mobile payment in Pakistan.