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PayPak (Urdu: پے پاک) is a domestic payment service available in Pakistan. [1] It was launched in 2016 by 1Link to save inter-change costs of International Payment Schemes. PayPak cards can only be used on ATMs, POS terminals, and online transactions within Pakistan. [2]
Examples of other pay systems in Pakistan include the Special Pay Scale (SPS) and army scales, while private organizations, companies, and industries are free to devise their own pay structures, subject to the government setting a minimum salary for private employees.
The CEO of OLX Autos in Indonesia since August 2019 is Johnny Widodo. [17] OLX Cashmycar, a joint venture between Frontier Cars Group (FCG) and OLX in India, was announced in November 2018. [18] [19] This was offline expansion of OLX online platform. [20] OLX Cashmycar launched its 50th store in February 2019. [21]
1Link is a consortium of major banks that own and operate the largest representative interbank network in Pakistan and is incorporated under the Company Law, Section 42 by Security and Exchange Commission of Pakistan (SECP).
Raast (Urdu: راست; lit. ' direct ') is an instant payment system developed by the State Bank of Pakistan (SBP). [1] It operates using the state-of-the-art Pakistan Faster Payment System (PFPS), facilitating real-time settlement of small-value retail payments, including inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions. [2]
DailyPay was founded in 2015 by Jason Lee and Rob Law. [3] The company allows other organizations and payroll providers to offer early access wages to employees. [4] The service is often used by companies with low-wage employees, who work paycheck-to-paycheck.
The Pakistan Mint was founded in September 1943 as His Majesty's Mint when, during World War II, the British Indian government relocated mint operations from Calcutta to Lahore in response to Japanese bombing. [1] After the partition of India in 1947, the mint was renamed Pakistan Mint. [1] [2]
The public debt/revenues ratio surged to 624%, and the interest payments/revenues ratio reached 42.6%, rendering Pakistan's public debt unsustainable. Concerns over external debt default emerged in 1996 and 1998, triggered by Western economic sanctions in response to Pakistan's nuclear tests in May 1998, causing massive capital flight.