Why doesn’t Pakistan have local payment gateways similar to PayPal?
Payments
Asked by Question Bot03/Apr/20161 answer
1 Answer
F
Faisal Khan
Answered 03/Apr/2016
To establish a payment gateway costs a lot of money. As per current rules, that number is approximately Rs. 200 Million as paid up capital for the company that would be setting it up. It takes about a year to get the license from State Bank of Pakistan and another 1 year to go and launch full-fledge.
There are companies working on ubiquitous payments, think carrier and bank agnostic frictionless payments, be it online or offline. This would include person-to-person wallet payments.
Companies that enter into this market are disappointed by the lack of data and verifiable numbers that would enable them to make strategic decisions. The online person to person market is best estimated at 50,000 wallets. This is a very small number.
To better enable P2P payments, companies are now looking at agnostic mobile wallets and natively build P2P payments inside of those wallets, where a much larger ecosystem would come into play.
There are companies working on ubiquitous payments, think carrier and bank agnostic frictionless payments, be it online or offline. This would include person-to-person wallet payments.
Companies that enter into this market are disappointed by the lack of data and verifiable numbers that would enable them to make strategic decisions. The online person to person market is best estimated at 50,000 wallets. This is a very small number.
To better enable P2P payments, companies are now looking at agnostic mobile wallets and natively build P2P payments inside of those wallets, where a much larger ecosystem would come into play.