A major factor in the growth of Pakistan’s e-commerce sector is the availability of secure payment gateways. Finding the best payment gateway for their online stores is a common challenge for companies offering goods and services for sale on the web.
In light of this, we have compiled a list of the top payment gateways in Pakistan in order to assist you in making a well-informed decision.
First, though, it’s important to have a basic understanding of what a payment gateway is and how it operates.
What is a payment gateway?
Because it facilitates financial transactions over the Internet, a payment gateway is essential to the functioning of the payments ecosystem. You don’t have to be a payment gateway guru to be a successful online retailer; nevertheless, it does help to have a basic understanding of how a consumer makes a purchase and the money makes its way to your account.
Why do we need a payment gateway?
It’s possible that you’re wondering why you need a payment gateway if all it does is act as a middleman. A card-not-present transaction is one that is executed when an online payment is made, so before we address this question, let’s take a step back and underline that fact. Unlike in a traditional store, you can’t just swipe the customer’s card through a POS terminal to take their payment. Because of this, you must put faith solely in the customer’s actual card details provided on the payment page. However, how can you be absolutely certain that the card the consumer is using is indeed their card? Transactions in which the card being used is not physically present have a substantially higher risk of fraud, and it is precisely in these situations that a payment gateway may truly shine.
Suppose you took the payment gateway out of the process of making an online purchase; what would happen? The increased risk of fraud and chargebacks would result from criminals gaining greater access to the card information you handle. Fraudsters would also discover other ways to begin unlawful transactions, exposing you to fraud and tarnishing your brand name.
Data encryption is used during transmission between the merchant and the acquirer and the issuing bank while processing credit card payments online. A payment gateway not only prevents fraudulent transactions but also safeguards businesses from things like expired cards, insufficient cash, cancelled accounts, and overdrafts.
What factors to look for in the best payment gateway in Pakistan?
The ideal method of payment can be difficult to choose in Pakistan due to the abundance of accessible choices. If you want your business to succeed in the competitive eCommerce market, you need to make the proper decision from the start.
In addition to targeting your audience, product and service market, and hundreds of other criteria, there are still a few factors to consider before picking the best payment gateway in Pakistan for your company.
- A basic payment flow
- The costs and services are included in the contract.
- The efficiency and rapidity with which transactions are carried out.
- Make sure the checkout procedure is easy to understand and operates well on all devices.
- Make sure it’s easy to incorporate into your system.
Best payment gateway in Pakistan
It is time for you all to start looking for a reliable payment gateway in Pakistan that you can collaborate with now that you have a fundamental grasp of what a payment gateway is and some pointers on how to select the finest payment gateway in Pakistan. The following is a list of the top payment gateways in Pakistan, followed by an examination of each option with regard to the many categories in which it falls.
PayFast is a financial technology company that is licenced and regulated by the State Bank. It gives all different kinds of businesses the ability to accept payments from their customers through a variety of online payment methods, such as mobile wallets, bank accounts, debit and credit cards, and more.
Recently, Visa and PayFast have collaborated to provide our e-commerce clients exciting discount deals for their customers. No annual fee.No Setup Fee. Options of JazzCash and Easypaisa
Shopify App available on Shopify app Store
QistPay Making it easier for merchants to sell their wares online by integrating their preferred payment methods, real-time analytics to determine what’s performing best, and user-friendly interfaces.
If you decide to accept QisstPay as a means of payment on your online store, you can take advantage of the company’s unique interest-free payment plan that is included in the 1-Click Checkout feature. Users of QisstPay, Pakistan’s first ever BNPL service, are given the option to pay for an item they have purchased over the course of 4 or 6 monthly payments at a 0% interest rate each, making it simple for them to clear their balances.
This method of payment not only increases your sales, but it also broadens your consumer base to include persons with lower purchasing power, which in turn helps to improve your sales even more.
QistPay offers a range of pricing plans, the cheapest of which is $39 per month.
3. Bank Alfa Payment Gateway
With over 600 locations in more than 200 cities around Pakistan and a presence in Bangladesh, Afghanistan, Bahrain, and the United Arab Emirates (UAE), Bank Alfalah is the sixth biggest private bank i Pakistan. The Abu Dhabi Group is the owner and manager of the Bank. In 2014, Bank Alfalah collaborated with the World Bank’s International Finance Corporation (IFC), which now owns 15% of the bank.
Modern payment processing is at your fingertips with Alfalah’s Online Payment Gateway, which is supported by MasterCard Payment Gateway Services (MPGS). Customers can accept credit card payments via their sites and mobile apps.
The demands of small and medium-sized firms, as well as those of sole proprietors, are all catered to by Alfa Payment Gateway.
4. HBL Payment Gateway
One of the most successful commercial banks in Pakistan, Habib Bank Pakistan (also known as HBL Pakistan) has a client base that numbers close to 27 million individuals.
This bank is well-known in Pakistan as a payment gateway due to the high degree of security it provides to its clients, therefore safeguarding them from fraudulent transactions. On the other hand, it has a few drawbacks, the most notable of which are the lengthy periods required to begin making online card payments and the increased fees that its clients would be expected to pay when making online payments.
When it comes to the most reliable online payment gateways in Pakistan, Habib Bank has provided its customers with straightforward and uncomplicated methods of conducting business, regardless of whether those customers are transacting via websites, eCommerce stores, mobile applications, or social networking sites like Facebook and Instagram.
5. Jazz Cash Payment Gateway
JazzCash provides a payment solution that is safe, flexible, and easy to integrate into your website or mobile application. Our cutting-edge technology is being utilised by hundreds of online companies in order to process customer payments made through the internet.
Allowing your consumers to select from the many different payment options available (see below) is a great way to improve their overall experience with your company.
Cards for debit or credit Mobile Account Vouchers Direct Debit Transactions are acceptable.