How does PayFast aim to dominate the eCommerce payments landscape in Pakistan?
There is an ambitious fintech startup in town and it is called PayFast! PayFast– backed by two of the country’s most well known technology companies, Avanza Solutions and Premier Systems Limited– is poised to become a homegrown fintech company paving its way not only in Pakistan, but across the globe! Its plans are calculated and precise, its efforts supplemented by an enabling ecosystem and its spirits heightened after the endorsement from the State Bank of Pakistan (SBP) to operate as a licensed entity.
PayFast, formally known as Avanza Premier Payment Systems (APPS), was conceived by Mahmud Kapurwala (Late), the CEO of Avanza Solutions. Having envisioned that there was a lack of indigenous payment gateways in Pakistan, a country that was inevitably going to see a surge in digitisation of payments, Kapur approached Premier Systems Limited, another privately held technology company that has a presence in the banking and telecommunications sector. The Premier Group which owns Premier Systems is also the authorised importer (rather used word distributor) of Audi cars in Pakistan under the Premier Motors brand name.
Kapurwala’s conviction of building a fintech company that has its roots in Pakistan and a presence globally was shared by Mr. Arshad Raza, the CEO of Premier Systems, and PayFast was created in 2018. Through its technical expertise, the company successfully received commercial approval from the State Bank to launch an eCommerce payment gateway in May of 2021. It was immensely unfortunate that only a month after they received commercial approval from the central bank, Kapurwala passed away.
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