A payment gateway facilitates the secure transfer of money between the website, customer is buying from, and merchant’s account. E-banking channels are currently showing an increase of 10.2% in volume and 12.8% in value as compared to Q3 of Fiscal Year (FY) 2014. aaj.tv reports.
Compared to Q4 of Fiscal Year (FY) 2013, the corresponding increase in volume and value was 29.5% and 21.1% respectively, according to the latest data of State Bank of Pakistan (SBP). Debit Cards and Credit Cards usage have reached to 25.4 million showing a growth rate of 13.4% as compared to FY 2013.
The main contribution in increase in total number of cards is supplemented by debit cards which showed a growth rate of 14.2% as compared to FY13. The volume and value of Internet Banking has increased to 17 million and 68 billion during the FY14 showing a growth rate of 80% in volume and 37% in value as compared to FY13.
Online buying behavior is settling down as a trend in Pakistani market which took its unconcealed shape during first ever success of Black Friday Sale. Online customers ordered 55 times more during the sale than a regular day, online websites recorded. It made the record sale of the most number of phones or appliances sold by any retailer in the offline space in one day, according to Daraz. Most of the customers used Easy paisa as mean for online payment gateway.
It caters to online need of their primary target, an e-merchant, by connecting the merchants with banks and online alliances between customers. Once their primary target is achieved, in order to make transactions easier, it will allow the digital customer to pay directly through their bank account without having the necessity of paper money.
Keenu claims to be the first company in Pakistan which made NFC (Near-Field-Communication) payment live in Pakistan with Easypaisa. More than 500 merchants are live accepting payments in Easypaisa.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now