BankIslami Pakistan has inked an agreement with 1LINK (Guarantee) to issue new debit cards under domestic payment scheme PayPak.
With the issuance of PayPak cards, BankIslami seeks to promote domestic payment scheme through its nationwide branch network of more than 320 branches in 105 cities.
The Pakistani lender said that the agreement is a step forward in promoting financial digitalisation in the country which is an initiative by State Bank of Pakistan, the National Financial Inclusion Strategy 2020 is the policy developed by SBP.
BankIslami Pakistan CEO Hasan Bilgrami said: “Setting the tone for innovation in Pakistan’s Banking industry becoming the first Bank to launch Biometric ATMs in 2006; we are pleased to be among the first batch of PayPak initiative of 1LINK in promoting domestic payment scheme.
1LINK CEO Najeeb Agrawalla said: “1LINK welcomes BankIslami’s initiative of issuing PayPak Debit Cards and this partnership is surely going to enhance digital transactions in the country.”
Owned by a consortium of 11 banks, 1LINK (Guarantee) is Pakistan’s first PSO/PSP and largest switch and payment system, which provides several services such as ATM switching, bills payment, interbank funds transfer, and fraud risk management, among others.