Payment gateways play a significant role in the eCommerce industry in Pakistan. Businesses often face the problem of finding the best payment gateway for their stores when they have to sell their products or services online.

We are here to help you shortlist a potential payment partner by giving you a list of the best payment gateway in Pakistan.

Payment Gateways

Before we list the payment gateways, it is necessary to know what an online payment gateway is and how it works. Simply put, a payment gateway is a system through which payments (usually online) are managed and their details transferred to the concerned banks.

Usually, when you buy things online, you give in your credit or debit card details on a special payment portal that opens after you opt to pay. This secured portal is the front face of the payment gateway. A payment gateway works as a liaison between a buyer, seller, and the seller’s bank.

As technology has expanded, so have security concerns about financial data security. With online commerce growing in popularity, no one wants to have their financial data at risk. This has increased the focus on having an effective payment processing system that secures both the buyer and seller from financial crime.

The primary purpose of payment gateways is to ensure security and facilitate smooth and low cost digital transactions. With the growth of eCommerce, the demand for accessible, safe, and secure transaction processing is a growing focal point for Pakistani consumers and entrepreneurs. E-commerce stores, online retailers, online booking, and reservations providers for travel sites are all examples of businesses that need to accept online payments from their clients.

Payment Gateways managed by Banks in Pakistan

Since payment gateways are the digital versions of banking services, several banks provide online payment processing services. Since payment gateways can be taken as the digitization of a bank’s key business, it makes sense for banks to specialize in this segment.

At present, three banks are offering online payment gateway services. These are HBL, MCB and UBL.

Sadia Zaheer

Sadia Zaheer holds a Masters in Business Administration from IBA, Karachi. After working in several financial institutions in Client Management, Corporate Lending, Islamic Banking and Product Management she jumped careers to pursue a career in writing.
She is a Finance, Business and HR Development writer with four years of experience. She reads a lot and takes care of her multiple cats to remain calm.

The post The best payment gateways for e-commerce businesses in Pakistan appeared first on Smartchoice.pk.

The VISA Signature card series is introduced as the card that goes beyond the usual affair and offers exclusive incentives, rewards and discounts!

With this particular Signature debit card, you can enjoy the following perks and benefits:

-Unlimited access to over 650 airport lounges worldwide
-Unmatched benefits at over 900 hotels across the globe
-5% cashback at all retail transactions*
-Up to 30% discount at over 250 shopping and dining partners in Pakistan and abroad
-Exclusive 24-Hour Concierge to assist with your travel or entertainment plans

* Terms and conditions applicable.

Khurram Zahid

The post Bank Alfalah Launches Pakistan’s First VISA Signature Debit Card! appeared first on Smartchoice.pk.

However with all the ease of use that debit cards provide, there are a certain precautions that one should take at all times and there are certain places where using your debit card might not be a good idea as you risk your account being compromised which means putting all your available funds at risk too. Below we will mention a few scenarios in which you should be careful not to use your debit card:

Out of Sight PoS:
You should beware of places where you give your card to the sales person to be swiped somewhere else such as at fuel stations or restaurants. The reason behind this is that you could become a victim of skimming hence always make sure that the cards are swiped infront of you or use a credit card to pay at such places if it’s inevitable.

Online:
It’s also a wise idea not to use your debit card for online transactions as you expose your personal account details tied to your own funds in every transaction. Also unlike credit cards there’s no credit limit that can be exhausted hence your total funds could be compromised. Also when you use credit cards it’s easier to report frauds as it’s the banks money that you’re lending so the bank is responsible to counter any frauds or losses and issue refunds. There’s also a due date for your bill payment till which any issues or disputes between the merchant and card holder can be resolved. However in debit cards all these safety measures are unavailable. Also if you run into any fraud using your debit card and block the account then it’ll be another hassle for you as you’ll be unable to access your own funds for a certain period of time and you’ll have to resort to withdrawal from cheques until you get your replacement debit card issued.

Refunds:
Using debit cards at places where you’re buying good from a merchant is also not a good idea. The underlying reason is that if by mistake you get a faulty or wrong product, or the product is not the same as advertised and you wish to get a refund, then it will not be as easy as with a credit card. It’s also pertinent to mention here that the refund duration varies from 1-15 days depending on the merchant, merchandise and the location of the transaction i.e if it’s done locally or internationally. During this tenure your own available funds will be affected for the time being. Hence using a credit card is a better option

Foreign Destinations:
It’s also advisable not to use your debit card at foreign tourist locations because some locations still use the Magnetic stripe instead of the newer Chip and Pin system which means that you’re more vulnerable as using a debit card at point of sales where the card is swiped instead of dipped can lead to your own funds being at risk. Credit cards are safer to use while traveling abroad as you’re borrowing money from the bank and you know you’ll be spending within a specific limit hence it doesn’t make sense to expose your private bank account details that are tied to your own funds.

If you follow the above tips you can make safe, secure and hassle free transactions using the right card for the right place. If you have any feedback let us know the comments section below.

Khurram Zahid

The post 4 Places Where You Should Not Use Your Debit Card! appeared first on Smartchoice.pk.

Zong has also offered online recharge and payment facility for prepaid and postpaid plans via credit/debit cards by setting up an online portal which can be found here.

We must however mention that there are a few things that are lacking. Zong must have offered a package subscription option as well to make it easier for users to select and pay for different packages on the fly.

In today’s technologically advanced world, the more a company facilitates its customers, the more they become happy with their services. We believe that it’s a smart move by Zong to facilitate their consumers.

Khurram Zahid

The post Zong Offers Innovative Bill Payment Option appeared first on Smartchoice.pk.