The nature of the partnership sees Cybersource offering its digital payment solution suite to PayFast. It includes ecommerce checkout, a digital merchant platform, fraud management, and SoftPOS.
This initiative paves the path for PayFast to offer a dynamic and secure payment gateway with user friendly UI/UX, thereby facilitating businesses to offer the acceptance of online payments through debit and credit cards.
Further, the integration helps expand PayFast’s SoftPos initiative, which will enhance digital payment acceptance for merchants of all scales by introducing augmented solutions for them to collect online payments.
Currently, POS penetration in Pakistan is low, with just over 90,000 POS terminals deployed nationwide compared to the millions of merchants in the market, as per the press release. One of the reasons is the high setup costs that prevent acquirers to serve medium or small sized businesses.
As the trend of contactless payments has grown worldwide by over 40% in the since 2022, merchants will benefit from an affordable digital solution to drive sales and maximise their revenue potential, says PayFast.
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