APPS, Summit Bank sign an agreement

F.P. Report

KARACHI: Avanza Premier Payment Services (APPS) signed an agreement with Summit Bank at the Bakht Tower to enable Payfast, APPS’ end-to-end payment gateway providing a secure and reliable environment for online payments. With Payfast, Summit Bank customers will be able to transact online using their account numbers & debit cards with a wide variety of APPS’ partner merchants, ranging from schools and billers to mutual funds, marketplaces, and other entities.

Summit Bank has a network of 193 branches across Pakistan. They believe in fulfilling their commitment to their customers and are guided by an eminent board of Shariah scholars and practitioners with extensive experience in the field. Their reach in 23 cities offers Islamic banking opportunities with an extensive range of products & services.

APPS is a start-up fintech governed under the PSO/PSP regulation of the State Bank of Pakistan (SBP), with the objective to deploy an Online Payment Gateway and to act as a catalyst for the digitalization of brick-and-mortar SMEs within Pakistan.

The two organisations aim to create a seamless process while conducting payments online. Their combined effort will future-proof the economy of Pakistan, safeguarding it against global marginalisation and pushing it towards eventually becoming a digital society. They aim to create a payment platform that can support multiple transactional instruments applicable across a multitude of merchants.

Adnan Ali, CEO – APPS, said, Our main emphasis is to provide services that will create a catalyst to stimulate a digital society and enrich the lives of everyday customers. APPS’ streamlined approach to promote a cashless economy merged with Summit Bank’s constant desire to innovate makes for a great partnership. We are proud to have achieved what we did on this platform with Summit Bank.

Ahsan Raza Durrani, President and CEO – Summit Bank, said, We are excited to work with APPS as we believe that this collaboration will make the lives of our customers easier and more convenient. We have proven to be a healthy fit as our values are aligned with theirs and we hope to take the industry to the next level of digitalization very soon.