Bank Alfalah and Unionpay International have signed an agreement to issue debit cards in Pakistan. Under this agreement, Bank Alfalah will issue multiple categories of debit cards across different customer segments starting with branchless banking.
Unionpay International supports 5 billion credit and debit cards globally, across various customer segments. Utilizing Unionpay’s global experience and Bank Alfalah’s local expertise, both organizations will work together to develop and launch innovative, secure and widely accepted payment products and services in Pakistan.
Speaking at the occasion, Mr. Shuan Ghaidan, Director of Products, UnionPay International said, “This partnership between UnionPay and Bank Alfalah has further endorsed the ties between China and Pakistan. This new offering of Branchless Banking Product reflects the commitment to finding innovative ways to meet the evolving payment needs and is setting trends in Pakistan digital payment landscape. In addition to the payment space, both organisations are also focused on enabling the Trade and B2B Transactions between the two countries”
These debit cards will be accepted at all ATMs and POS machines in Pakistan and globally at Unionpay’s fast growing network. With the trade relations between Pakistan and China on the rise, availability of Unionpay products in Pakistan will help in facilitating cross border transactions between the two countries and further solidifying relations between the two.
In the past, Bank Alfalah signed an agreement with Unionpay to accept their cards at the Bank’s POS network in Pakistan.