Local banks are continuously working for local payment platform, PayPak, as Meezan Bank being Pakistan’s first and largest Islamic bank, has joined hands with 1LINK (Guarantee) Limited to issue PayPak branded Debit Cards.
‘PayPak’ is Pakistan’s first Domestic Payment Scheme that aims to provide an indigenous alternative to international payment schemes.
Previously, Allied Bank Limited, Bank Alfalah and Askari Bank launched their debit cards with the same payment network.
Through efficient and cost effective payments services for every citizen of Pakistan, PayPak will not only improve the access to ATMs and point-of-sale terminals across the country but it will also complement the Government’s objective of greater financial inclusion in Pakistan.
Commenting on the occasion, Mr. Ariful Islam – Deputy CEO of Meezan Bank said: “The launch of PayPak Payment Scheme is an excellent initiative and will Inshallah develop the payment industry in Pakistan. It will help in increasing the usage of plastic money as well as broaden access to financial services in Pakistan. Meezan Bank is glad to adopt the new payment scheme that will transfer benefits to every citizen of Pakistan.”
Mr. Najeeb Agrawalla, CEO – 1LINK(Guarantee) Limited said: “We welcome Meezan Bank’s initiative for the issuance of PayPak which is aimed at supporting the underserved and unbanked population of the country through efficient and cost effective payment solutions.”