Growing competition, rupee devaluation and dirty tactics make card payments on online gateways a tough business
Telenor Bank-backed EasyPaisa has decided to shutter card payments on its online payment gateway which it offers through various banks. As the competition grows stronger and the rupee devalues against the dollar, keeping the card payments going was an expensive proposition and felt to be unsustainable by Easypaisa.
In an email sent to its partners today, EasyPaisa said that it was shutting down the payment gateway because of a ‘critical change’ in their business process. “As part of the company strategy, we will be discontinuing card payments on the Easypaisa payment gateway from 30th June 2022 onwards,” the company said.
An official from EasyPaisa confirmed the news of the shutdown of its gateway and said that the company was going to focus on its core business of mobile wallets which had now touched 10 million accounts.
Omar Moeen Malik, Head of EasyPaisa Branchless Banking Business, said that their card transactions on the payment gateway were significantly less than wallet transactions. The company has seen a decline in merchants using EasyPaisa payment gateway, which have moved on to other inexpensive card processing options.
Merchants such as online sellers on Instagram or Facebook use payment gateways like EasyPaisa to accept card payments against an order.
EasyPaisa offers payment gateway through different banks and therefore charges a higher rate than...
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