In this post, we will focus on two main things: First, we will identify the best payment methods and see what features a good payment method should have. Then, we will move on to the list of the best online payment methods available in Pakistan.
Some Features that every Payment Method Should Have:
Service of a payment method can be both good and bad, and it may depend on various key factors. We will list some of the main key factors that will help you choose the best payment method available. These key factors are listed as:
Simplicity: Life is already complicated enough, try to choose a payment method that is simple to use and maintain. Also, make sure their procedures are speedy. After all, online payment methods are supposed to make our life easier.
Service & Care Centers: Always choose the services that are easily reachable, both physically and virtually. If the online payment service you go for hides behind websites and mobile applications only and reaching them for any glitch or error is quite difficult, then your service provider will surely give you a hard time.
Mobile Apps: No doubt, mobile apps are the easiest way to get payments done. No one wants to make their payments via third-party browsers and networks. So, try to choose a service that also has a dedicated mobile application.
Service Charges & Rewards: Every online payment service may have its own specific charges; some may charge more than the usual. You must compare the service charges for each transaction and ask around to get an idea about what other service providers are charging and choose that you see fit. Some services also give you some percent of cashback on each transaction. What is better than getting daily rewards on making transactions?
However, too many choices are definitely not a good thing, especially when you want a quick solution to make online payments. So,here are mentioned some of the most widely adopted payment methods available in Pakistan:
1. Bank Transfer:
Pakistan’s most approved method for transferring and receiving money is traditional bank transfer. Users are filling out forms in banks and then deposit cash through their respective banks. Bank Transfer is considered to be the safest and cheapest method available in Pakistan.
2. Wire Transfer:
The wire transfer is an electronic method for transferring payments through a network, operated by hundreds of banks around the globe. Wire transfer is usually sent from one bank to another bank with a SWIFT code. People in different geographic locations can safely transfer money to locales and financial institutions around the world.
3. Pay-Order/Demand Draft:
Pay order and demand draft are used for the same purpose, however different from each other. A pay order is a way of payment that is to be cleared in the very specific branch of the bank that issued it. It is a document that instructs a bank to pay a certain sum to a third party, such orders are normally acknowledged by the bank which provides a guarantee that the payment will be made. Pay order is not negotiable, payable on the issuing branch and payments are made locally.
On the other hand, the Demand draft is a mode of payment that gets cleared in any branch of the issuing branch. It is a signed, written order by which one party instructs another party to pay a specified sum to a third party, at sight, or at a specific date. It is negotiable and payments are made in one place to another.
The Pay-Order or demand draft is mostly used for official purposes in Pakistan. Most of the universities are accepting the demand draft for fee submission.
EasyPaisaneeds no introduction; it is the first digital payment method introduced in Pakistan by telecom operator Telenor launched in 2009.EasyPaisa has reached a great status as the third-largest mobile payment method in the world with 7.4 million users.
It is a money transfer service, who had made the lives of all those people easier who live in distant areas and do not have the liberty to access bank accounts for payment transfers. One can now transfer payments through EasyPaisa to other accounts without any inconvenience. Any mobile subscriber can create an EasyPaisa account to avail of the facilities like transferring and receiving payments, easyload, bill payments, online shopping, International transfers. Etc.
Now, any EasyPaisa Account customer using the EasyPaisaApplication can instantly generate a Virtual Debit Card using the EasyPaisa App on their smartphone and then use this card for online payments, wherever MasterCard is accepted.
JazzCash, formerly known as “Mobicash” is a branchless banking system introduced by another telecom operator Jazz, launched in 2012.JazzCash is also a wallet based payment system through which users can facilitate themselves with Sending/ receiving Money, Online bill payments, Mobile load. (Any network)Mobile loans, Bank Deposits, International remittance, Digital payment services with a QR scan, Food Deliveries, Bus Tickets, Tax Payments, Payoneer transfers.
JazzCash works like a mobile number, integrated to your bank account which can be operated on every type of phone not necessarily requiring smartphones to get access to your account from any location.
UPaisa provides financial services to people anytime anywhere in the country. You can easily perform financial transactions through yourUPaisa’s mobile account or any UPaisa shop. Ufone has also introduced the UPaisa app for the comfort of its users. With this app, users can easily make financial transactions.UPaisa offers: Utility bill payment, Sending or receiving payments, Mobile Easy Load, Bank Transfers, Insurance payments. Etc.
Upaisa also offers a debit card facility, which can be used to withdraw cash from local ATM machines. It’s a service made available in over 45,000 locations across Pakistan. To open a UPaisa account, you can simply dial *786# from your mobile or download the UPaisa app for Android or iOS.
For me, Payoneer is s the best solution to receive my payments worldwide. It was founded in 2005 in New York. It is a new and pinch-hitting way of getting paid for performing services or freelance work. Payoneer also gives you an alternative way to pay people directly without ever going through a third-party payment service just to get the payment sent from across all around the world.
Payoneer users will be provided Master Card ATM Debit card through which they can withdraw cash at any ATM machine that accepts Mastercard. Currently, Payoneer offers a guaranteed low transaction fee and flexibility in withdrawing cash. Payoneer functions globally in over 200 countries and 150 currencies allowing you to send money worldwide.
GoLootLo is Pakistan’s first and largest QR-based discount app introduced by the National Bank of Pakistan(NBP) and is a debit card-based payment system. GolootLo is like an online wallet and must be recharged to keep in use. However, only payments can be made through this debit card to its registered retail stores offering a discount. The discounts are worthwhile and frequent, being offered by more than 12,000 domains across 65 cities in Pakistan including salons, restaurants, apparel stores, gyms, clinics, hotels. Etc.
PayPak is a domestic payment system introduced in Pakistan by 1Link under the registration of the State Bank of Pakistan vision 2020 to intensify and promote financial transfers.PayPak, targeted to provide efficient, cost-effective, robust, and global payment solutions. At the moment, 20 different banking systems of the country have adopted payments through it. With this launch, Pakistan became the 28th country in the world to have their-own domestic payment scheme, operating primarily through PayPal cards which can only be used in ATMs and POS services and are yet to launch online transactions.
Money-Gram is an American money transfer company based in the USA. It is a payment method specifically used for receiving payments sent from other countries. Also, it provides services such as money transfers, money orders, and bill payments to people who do not have bank accounts or do not want to use their normal bank account.
Through MoneyGram people living abroad can easily send payments to their family members with efficiency. A code is generated which is granted at the time of transaction and receivers can get payments after filling a form and telling banker the secret code.
MoneyGram works in a very similar way to your own bank because you deposit money in one location which can be retrieved at another location, such as an ATM or a different branch.
There you have it; this is all you need to know about the best online payment methods that are currently available in Pakistan. You can also share your experience regarding any payment services in Pakistan. Also, if you have any other questions regarding this topic do let us know in the comment section, we will surely get back to you ASAP.