Pakistan-based Meezan Bank has partnered with interbank payment network service provider 1LINK (Guarantee) to issue PayPak branded debit cards in the country.
‘PayPak’ is Pakistan’s first domestic payment scheme which seeks to offer a home-grown alternative to international payment schemes.
PayPak has been designed to offer efficient and cost effective payments services to citizens of Pakistan.
Meezan Bank believes that PayPak will also enhance the access to ATMs and point-of-sale terminals across the country while complementing the government’s objective of greater financial inclusion in Pakistan.
Meezan Bank deputy CEO Ariful Islam 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.”
1LINK (Guarantee) CEO Najeeb Agrawalla 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.”