FINCA Microfinance Bank signed an agreement with 1LINK (Guarantee) Limited, the largest interbank payment network service provider to issue PayPak Debit Cards. PayPak is the first domestic payment scheme in Pakistan. With this collaboration, FINCA has added on to its portfolio of providing digitized products to its customers.
This partnership will allow FINCA Microfinance Bank to issue PayPak enabled debit cards for its account holders and help promote the domestic payment scheme through its nationwide branch network of over 120 branches in 94 cities. SimSim customers will also be able to order this card through the app. This signifies a major step in enabling these customers to use PayPak enabled debit cards at any of the 50,000+ POS machines nationwide. This agreement is a step forward in 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 speaking on the occasion 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.”
Good move. It would have been better if they had launched some internationally accepted card though.
For dumbos like me, could someone explain what’s different in this from a normal debit card?
No difference as compared to other debit cards. But it adds more power to your simsim account.
I see. Thanks!!
Normal ATM card can only be used at ATM machines while PayPak enabled cards can also be used swipe/ Pos machines
Will we able to transfer Paypal amount to FINCA Microfinance Bank and then withdraw amount using Paypak debit card?
If you can transee amont ro any account , you can with with ATM card. It does not matter if ATM is powered by 1 link, mnet, union pay or anyone else. PayPal and PayPak has no alliances
I think you did not get my point. i.e. Paypal has dollar amount. Can I transfer paypal dollar amount to FINCA bank?
no