Paysys Labs

What Paysys Labs does

Paysys Labs is a Karachi-headquartered fintech infrastructure provider founded in 2016, offering an API-first digital payments platform to banks, microfinance institutions, fintechs, Islamic digital banks, payment scheme operators, and merchants across Pakistan. The company's modular 'Open' product suite spans the full payments value chain: middleware switching (Open Connect), EMVCo-certified 3D-Secure authentication (Open ACS), card management (Open CMS), wallet management (Open Wallet), digital banking (Open Digital), fraud management (Open FRMS), digital lending (Open Credit), loyalty (Open Engage), cross-border remittance (Open Remit), and merchant acquiring (Open Acquiring/Tapsys). The technology stack is ISO 20022-native with connectivity to Pakistan's instant payment rail RAAST, RTGS, the national switch 1LINK, NADRA for identity verification, and global schemes including Visa and UnionPay International.

The company delivers its platform through both on-premises licensing and SaaS/managed-service models, supported by 24/7 NOC operations across four-plus processing centers managing billions of PKR in monthly transactions. Certification posture is strong for a regional player: PCI DSS V4.2, PCI-SSF, ISO 27001, and UnionPay International ACS/3DS certification, alongside participation in the PCI Security Standards Council and the US Faster Payments Council. Architectural flexibility is enabled by PaaS deployment on Jazz's Garaj Tier-3 cloud and direct integrations with NADRA and 1LINK.

Paysys monetizes through a mix of one-time on-premises software licensing, recurring SaaS and managed services, advisory engagements with regulators (SBP, SECP) and central banks, and transaction-based merchant acquiring via its wholly-owned Tapsys Services subsidiary (acquired April 2024). Strategic positioning as the single largest system integrator for the State Bank of Pakistan's RAAST initiative—with 13 bank integrations—anchors the company's domestic franchise, while a 2025 Interledger Foundation grant and Allied Bank ILP pilot signal initial cross-border ambitions. The September 2025 SECP approval of Credsys as an NBFC extends the group into regulated SME/MSME digital lending using merchant transaction data and alternative credit scoring.

Name

Paysys Labs

Legal name

Paysys Labs Pvt Ltd

Website

https://paysyslabs.com

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

11–50 employees

Short description

Paysys Labs is a Pakistani fintech infrastructure provider offering an API-first digital payments platform—middleware, digital banking, fraud management, merchant acquiring, and remittance—to banks, fintechs, microfinance institutions, payment scheme operators, and merchants across Pakistan.

Ownership category

akta.pro rank

Product category

Digital Payments Platform Software

NAICS

Software Publishers (5132), Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232), Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (518)

SIC

Services-Prepackaged Software (7372), Services-Computer Programming Services (7371)

akta.pro primary industry

Payment Orchestration Platforms (FSAGABAA)

akta.pro secondary industries

POS, SoftPOS & In-Person Acceptance Infrastructure (FSAGABAO), Digital Payments & Money Movement (ACH/SEPA/FPS, Bill Pay, P2P) (FSAGAAAF), Payouts, Disbursements & Mass Payments Infrastructure (FSAGABAN)

Keywords

• Digital payment infrastructure
• Payment processing software
• Merchant acquiring services
• Cross-border remittance platform
• Fintech middleware solutions

Headquarters

HQ city

Karachi

HQ country

Pakistan

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Software Licensing (On-Premises): Paysys Labs licenses its software platforms (Open Connect, Open Wallet, Open Digital, Open CMS, Open FRMS, Open Credit, Open Remit, Open Engage, Open Pay) to financial institutions for on-premises deployment. Revenue is generated through one-time licensing fees and ongoing maintenance contracts.
2. SaaS / Managed Services: The company delivers software as a service (SaaS) through hosted cloud infrastructure, offering 24/7 NOC support. This includes managed services for payment processing, gateway-as-a-service, and AI-as-a-service. Revenue is recurring in nature.
3. Advisory Services: Specialized advisory services for central banks, payment system operators, banks, and fintechs covering digital transformation strategy, instant payment infrastructure design, and regulatory compliance.
4. Digital Merchant Acquiring (via Tapsys): Merchant payment solutions including POS, Mobile POS, SmartPOS, and Tap to Phone acquiring for proximity and CNP transactions. Acquired 100% of Tapsys Services Private Limited to expand this business.
5. Platform as a Service (PaaS): PaaS model leveraging Garaj cloud infrastructure (Tier-3 data center) to offer financial services applications. More than 4 processing centers manage transactions valued at billions of PKR monthly.

Go-to-market motion2 records

Distribution channels6 records

Marketing channels6 records

Core offering

Paysys Labs develops, licenses, and operates a modular digital payments platform — branded as the "Open" product suite — for banks, fintechs, microfinance institutions, payment schemes, and regulators. The platform spans middleware switching (Open Connect), 3DS authentication (Open ACS), card management (Open CMS), wallet management (Open Wallet), digital banking (Open Digital), fraud detection (Open FRMS), merchant acquiring (Open Acquiring, Tapsys), cross-border remittance (Open Remit), loyalty (Open Engage), and digital lending (Open Credit). The software is delivered via on-premises licensing and SaaS/managed-service deployment, complemented by advisory services for payment system design and digital transformation.

Product overview

Paysys Labs offers a comprehensive platform-plus-modules architecture for digital financial services, with Open Connect as the core middleware switch enabling connectivity across the product ecosystem. The Open product suite includes middleware (Open Connect), authentication (Open ACS/3DS), acquiring (Open Acquiring/Tapsys), wallet management (Open Wallet), card management (Open CMS), digital banking (Open Digital), remittance (Open Remit), engagement (Open Engage), lending (Open Credit), and fraud prevention (Open FRMS). Services are delivered through Advisory As Service, Software/Gateway/AI As Service managed offerings. The company operates as a SaaS provider on both hosted and on-premise deployment models.

Differentiator

Problem solved

Functional benefit

Brands

• Tapsys: Digital Merchant Acquiring brand providing Card Present (proximity) and Card Not Present (CNP) acquiring solutions including POS, Mobile POS, and SmartPOS solutions.
• Credsys

Products and services

• Open Connect PCI-SSF certified middleware switch enabling connectivity between payment systems via an ISO 20022 interface for real-time payments. Serves as the MPG Connector for banks integrating with RAAST and other instant payment networks.
• Open ACS EMVCo-certified Access Control Server supporting EMV 3-D Secure 2.0 and 3-D Secure 1.0 protocols for e-commerce transaction authentication and fraud prevention. UnionPay International certified.
• Open Acquiring Merchant payment solution providing POS, Mobile POS, and SmartPOS technologies for card-present and card-not-present acquiring transactions.
• Open Wallet Digital wallet management platform supporting multiple wallet types and interoperability with payment systems.
• Open CMS Card Management System for managing card lifecycles, issuance, and cardholder information for issuers.
• Open Digital End-to-end digital banking platform supporting onboarding, account management, and transaction processing for retail and branchless banking.
• Open Remit Cross-border remittance platform leveraging Interledger Protocol to facilitate international money transfers and interbank settlement.
• Open Engage Loyalty and rewards engine enabling financial institutions to implement customer engagement, loyalty programs, and rewards.
• Open Credit Digital lending management system providing lending solutions for SMEs and MSMEs, utilizing alternative credit scoring models.
• Open FRMS Fraud detection and prevention system providing real-time fraud risk management for account-based instant payments and ecosystem-wide fraud monitoring.
• Open Pay Digital payment and collection platform for processing payment transactions and collections across channels.
• Advisory As Service Specialized advisory services for financial institutions, fintechs, and regulatory authorities covering digital transformation strategy, instant payment infrastructure design, and regulatory compliance.
• Software As Services (SaaS / Managed Services) Comprehensive managed services delivering the Open product suite as SaaS through hosted cloud infrastructure with 24/7 NOC support.
• Gateway As Service Hosted payment gateway services for transaction processing, offered as a service to merchants and financial institutions.
• AI As Service AI-powered solutions offered as a service covering fraud detection, transaction analytics, and financial services automation.
• Digital Merchant Acquiring — Tapsys Digital merchant acquiring sub-brand providing Card Present (proximity) and Card Not Present (CNP) acquiring solutions including POS, Mobile POS, SmartPOS, and Tap to Phone contactless acceptance.
• Credsys (NBFC Digital Lending) SECP-approved Non-Banking Finance Company providing digital lending solutions for SMEs and MSMEs using merchant transaction data and alternative credit scoring models.

Quantifiable outcome

• Paysys emerged as the single largest System Integrator for Pakistan's RAAST, enabling 13 banks to integrate with RAAST in a short span.
• +2 more outcomes

Named customers14 records

Segments7 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

AI capability2 records

Feature9 records

Partnerships

17 partnerships are on record, tiered core and minor.

• Tapsys Services (Private) LimitedcoreOEM/ Whitelabel/ Licensing Partner · 15 September 2025Paysys Labs acquired 100% of Tapsys Services Private Limited to broaden its POS solutions and merchant acquiring capabilities. Tapsys provides Card Present (proximity) and Card Not Present (CNP) acquiring services to merchants across Pakistan, including POS, Mobile POS, and SmartPOS solutions.
• UnionPay InternationalcoreTechnology or Integration · 16 June 2025UnionPay International partnered with Paysys Labs and Allied Bank to launch Mobile Tap and Pay on UPI-PayPak cards using tokenization technology. Paysys also holds UnionPay International certification for its ACS/3DS solution. UPI has partnered with Paysys for multiple initiatives including Huawei Pay launch with NBP.
• Allied BankcoreStrategic or Co-development Partner · 13 June 2025Paysys Labs partnered with Allied Bank to pilot the Interledger Protocol (ILP) for cross-border transactions. As part of this collaboration, Paysys secured the Digital Financial Services Grant from the Interledger Foundation. The PoC aims to enable Allied Bank to operate as a node on the ILP test network, allowing customer accounts to function as digital wallets capable of receiving international payments from ILP-connected institutions. The partnership also includes RAAST Acquiring Services enabling ABL customers with secure and seamless P2M payments.
• Apna Microfinance BankminorStrategic or Co-development Partner · 22 January 2025Paysys Labs partnered with Apna Microfinance Bank to transform payment solutions through RAAST integration, enhancing convenience, reliability, and financial inclusion for microfinance customers in Pakistan.
• Raqami Islamic Digital Bank PakistancoreStrategic or Co-development Partner · 19 July 2024Paysys Labs partnered with Raqami Islamic Digital Bank to introduce a cutting-edge digital payment solution integrating RAAST for Shariah-compliant digital banking. The partnership aims to deliver end-to-end digital onboarding and real-time instant payments backed by Paysys' unified payments platform.
• NymcardminorStrategic or Co-development Partner · 5 July 2024Paysys Labs partnered with Nymcard to drive credit card growth and simplify payments for fintechs and financial institutions in Pakistan, combining expertise to roll out advanced card payment solutions and seamless real-time transactions.
• Mashreq PakistancoreStrategic or Co-development Partner · 7 May 2024Mashreq Pakistan partnered with Paysys Labs to develop an innovative digital payment solution integrating real-time payment systems including RAAST and RTGS. Paysys plays a pivotal role in enhancing Mashreq's digital payment offerings, ensuring customers have seamless, secure access to expanded digital banking functionalities.
• 360 TechnologiesminorImplementation/ SI/ Consulting Partner · 14 December 2023Paysys partnered with 360 Technologies to achieve PCI DSS v4.0 compliance, with 360 Technologies providing expertise and support for the comprehensive overhaul of security protocols, systems, and policies.
• PCI Security Standards CouncilcoreStrategic or Co-development Partner · 25 September 2023Paysys Labs joined the PCI Security Standards Council as an Associate Participating Organization, contributing to the development of PCI Security Standards worldwide and driving awareness and adoption of payment data security standards.
• VisacoreTechnology or Integration · 9 August 2023Visa partnered with Paysys Labs to bring Tap to Phone payments to Pakistan, enabling merchants to accept contactless payments using NFC-enabled smartphones without separate POS devices. This partnership particularly benefits SMEs and accelerates cashless payment adoption.
• Jazz / GarajcoreImplementation/ SI/ Consulting Partner · 10 July 2023Jazz's cloud platform Garaj (Pakistan's largest Tier-3 data center) partnered with Paysys Labs to provide enterprise-grade infrastructure for financial services applications. Paysys established processing centers with Garaj and connects to NADRA and 1LINK via Garaj Digital Park, offering services in a PaaS model.
• National Bank of Pakistan (NBP)coreStrategic or Co-development Partner · 23 June 2020Paysys Labs helped NBP launch Huawei Pay (powered by UnionPay International) and NBP Digital Mobile Application. The partnership also includes support for branchless banking solutions and mobile banking on iOS and Android platforms, enabling NBP customers to access their accounts and conduct transactions digitally.
• NBP FundsminorStrategic or Co-development Partner · 26 March 2019NBP Funds signed an agreement with Paysys Labs for a digital payment platform ensuring investors ease in conducting online transactions, including account access, fund transfers, bill payments, and beneficiary management.
• 1LINK (Biometric Cash Withdrawal & RTP)coreStrategic or Co-development Partner · 1 February 20191LINK adopted Paysys Labs' solution to accelerate implementation of an interoperable biometric cash withdrawal scheme and Request to Pay (RTP) payment solution, enabling customers to authenticate and transact without physical card or branch presence.
• National Bank of Pakistan (NBP Digital App)coreStrategic or Co-development Partner · 31 March 2018UnionPay International and Paysys Labs launched NBP Digital Mobile Application for National Bank of Pakistan, providing customers access to the bank's digital ecosystem including account management, fund transfers, bill payments, and QR payments on iOS and Android.
• JS BankcoreStrategic or Co-development Partner · 8 April 2017Paysys Labs partnered with JS Bank to launch Instascan — the first mobile-based biometric solution in Pakistan — integrated with JS Bank's branchless banking app Agent Mate. The solution enables real-time biometric verification via NADRA for OTC transactions, bank account opening, mobile wallets, and pension disbursement proof-of-life. Paysys and JS Bank continue to partner on multiple digital payment initiatives.
• 1LINKcoreStrategic or Co-development Partner1LINK (Pvt) Limited, owned by a consortium of 11 banks and Pakistan's largest switch and payment system, partnered with Paysys as its technology partner for the 1GO Raast P2M service. Paysys also partnered with 1LINK for the biometric cash withdrawal scheme, Request to Pay (RTP) solutions, and the 1Bridge initiative. Paysys serves as the technology enabler connecting 1LINK's network to Raast.

Scale indicators6 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• M2P Fintech: India and MEA-headquartered payment infrastructure platform providing API-driven middleware, card management, and orchestration for banks and fintechs — directly comparable to Paysys' Open Connect stack and bank-first GTM.
• SadaPay: Pakistan-based digital wallet and consumer fintech serving unbanked users. Comparable geography and target market, though SadaPay is consumer-facing while Paysys sells infrastructure to the banks that SadaPay runs on.
• Safepay: Pakistan-based payment gateway and acquiring-as-a-service platform for online merchants. Direct overlap with Paysys' Open Acquiring, Open Pay, and Tapsys product lines within the Pakistan market.
• NayaPay: Pakistan-based digital bank offering accounts, cards, and payments to consumers and SMEs. Operates in the same Pakistan financial-inclusion and digital-banking market that Paysys' middleware and wallet products enable.
• Token.io: Open banking and payment orchestration infrastructure provider for banks and fintechs. Closely comparable on the payment orchestration and ISO 20022 connectivity side of Paysys' Open Connect platform.
• Nymcard: MENA card-issuing processor and payments platform — Paysys' named partner in Pakistan and a direct comparable on card management (Open CMS), processing, and 3DS authentication offerings.

Broad incumbents

• ACI Worldwide: Global incumbent in real-time payments, fraud management, and merchant acquiring software. Competes with Paysys on real-time payment orchestration and fraud (UP Payments Risk Manager vs. Open FRMS) for tier-1 banks.
• Network International: Leading MEA payment processor providing acquiring, processing, and digital banking infrastructure to banks and merchants across the region — broad overlap with Paysys' Tapsys acquiring and digital banking stack.
• Worldline: Global payment processor and merchant acquiring incumbent with strong European and emerging-market presence. Sets the competitive benchmark on payment orchestration, processing scale, and acquiring infrastructure that Paysys competes against in MEA.

Emerging players

• Finja: Pakistan-based fintech combining digital payments, lending, and merchant services. Compares to Paysys on the SME lending and merchant acceptance side, and is a potential competitor or partner in the local market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/paysyslabs
• LinkedInlinkedin.com/company/paysys-labs
• Xx.com/paysyslabs

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Paysys Labs