PayPak aims to provide an indigenous alternative to international payment schemes
FINCA Microfinance Bank, one of the fastest growing microfinance banks in Pakistan signed an agreement with 1-LINK Limited to launch PayPak Debit Card.
PayPak is the first domestic payment scheme, aims to provide an indigenous alternative to international payment schemes. With this collaboration, FINCA has added on to its portfolio of providing digitized products to its customers.
In collaboration with Finja, internationally funded FinTech commenced the movement to make digital commerce and payments free in Pakistan over 94 branches in 94 cities.
SimSim customers can also order this card through the app. This signifies a key step to give right to the valuable customers to use PayPak enabled debit cards at any of the 50,000+ POS machines nationwide.
Local banks are continuously working for local payment platform, PayPak, as Meezan Bankbeing Pakistan’s first and largest Islamic bank, has joined hands with 1LINK (Guarantee) limited to issue Meezan Bank debit cards PayPak.
This agreement further promoting financial digitalization in Pakistan in line with State Bank of Pakistan’s National Financial Inclusion Strategy 2020. The agreement was signed by Mr. M. Mudassar Aqil, CEO FINCA Microfinance Bank and Mr. Najeeb Agrawalla, CEO 1LINK.
Mr. M. Mudassar Aqil said, “We at FINCA are progressing day by day to materialize our vision of maximizing financial inclusion in Pakistan. We would want to stand tall with all those corporate entities that share the same thought process. We are pleased to be amongst the first few ones promoting this domestic payment scheme in the country. We also share the ambition to provide our rapidly growing SimSim customer base with the facility of these locally powered debit cards in near future. We are certainly excited to be a part of this venture.”
Mr. Najeeb Agrawalla, CEO of 1LINK commented, “We welcome FINCA’s initiative for the issuance of PayPak, which will not only enable them to deepen their product portfolio but as well as contribute towards the enhancement of the digital financial landscape of the country. This is definitely a positive step towards bringing the homegrown payment system to Pakistani market while facilitating national goals.”
Previously, Allied Bank Limited, Bank Alfalah and Askari Bank launched their debit cards with the same payment network.