In this comprehensive guide, we’ll take you through everything you need to know about NayaPay, from signing up to understanding the charges and how payments work. NayaPay is a financial service in Pakistan that offers various features, including debit cards and digital transactions. We’ll break down the key aspects step by step.

Signing up for NayaPay Arc

To get started with NayaPay Arc, there’s some great news. There are no charges for signing up. You can easily create your NayaPay account without any initial costs.

NayaPay Arc Transaction Fees

NayaPay Arc offers a range of services, and they charge fees for certain transactions. Let’s delve into the details.

Card Present Transactions

• For transactions made using NayaPay Arc on Point of Sale (POS) machines, the standard fee is 2% per transaction. This fee is deducted when the payment is deposited into your account, which typically takes 3 business days.

Online Card Transactions

• For online card transactions, NayaPay Arc charges 2.99% of the transaction amount plus a fixed fee of Rs 30. The funds from online transactions are typically deposited into your account within 7 business days.

Special Rates

• NayaPay Arc may offer lower transaction rates to businesses, especially billers, who deal with a higher volume of card transactions. If your business falls into this category, it’s a good idea to contact NayaPay Arc sales to see if you qualify for these special rates.

IBFT, RAAST, QR Codes, and Wallet Transactions

• If you make transactions through IBFT, RAAST, QR codes, or any wallet (including the NayaPay consumer wallet) against an invoice, there’s a flat fee of 1.5% per transaction. The funds from these transactions are usually deposited within 1 business day.

Bank Charges

• When loading your NayaPay account through your bank’s IBFT or RAAST service, there is typically no fee from NayaPay. However, it’s essential to check with your bank as they might have their own associated charges for this service.

Chargebacks and Disputes

• In cases of chargebacks or disputes initiated by a customer with the card scheme or network, additional fees may apply. These fees vary depending on the nature of the chargeback or dispute and are separate from the amount under dispute. However, for disputes settled directly between the customer and the merchant (without NayaPay’s involvement), there are no additional charges by NayaPay.

Important Note

It’s crucial to keep in mind that the rates mentioned here are subject to change based on various factors, including regulatory mandates. NayaPay will notify users of any rate revisions through the Schedule of Charges posted on their website. It’s a good practice to stay updated with these changes to ensure you have the latest information.

In conclusion, NayaPay offers a user-friendly and transparent system for handling financial transactions, including debit card payments. While there are certain transaction fees, the ease of use and accessibility make it an attractive choice for individuals and businesses alike.

FAQs

1. Is there any cost associated with signing up for NayaPay?

No, there are no charges for signing up for NayaPay.

2. How long does it take for online card transaction funds to be deposited into my account?

Online card transaction funds are typically deposited within 7 business days.

3. Are there any additional charges for chargebacks or disputes initiated by customers?

Additional charges for chargebacks or disputes depend on the nature of the case and whether NayaPay is involved. For direct disputes between customers and merchants, there are no additional charges by NayaPay.

4. How can I qualify for lower transaction rates as a business or biller?

Businesses with higher volumes of card transactions, such as billers, may be eligible for lower transaction rates. Contact NayaPay Arc sales to inquire about special rates for your business.

5. Where can I find information on the most up-to-date transaction rates?

NayaPay will notify users of any rate revisions through the Schedule of Charges posted on their website. Be sure to check their website for the latest information on transaction rates.