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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 is the leader in credit and debit cards supporting over 5 billion cards globally, across various customer segments. Utilising Unionpay’s global experience and Bank Alfalah’s local expertise, both organisations will work together to develop and launch innovative, secure and widely accepted payment products and services in Pakistan.
“At Bank Alfalah, we focus on improving the outreach of our services and are committed to the financial inclusion of the under-banked segments. Unionpay has had unparalleled success in the financial inclusion of the masses in China, and through this partnership we hope to bring solutions to the financially excluded segments in Pakistan,” said Atif Bajwa, President & CEO, Bank Alfalah. He added that “Bank Alfalah is at the forefront of the evolving digital financial services landscape in Pakistan and this partnership is yet another testament of our commitment to provide innovative payment solutions to meet the changing needs of our customers.”
Speaking at the occasion, Mr. Shuan Ghaidan, Director of Products, UnionPay International said, “This remarkable and ground breaking partnership between UnionPay and Bank Alfalah has further endorsed the ties between China and Pakistan. We are extremely delighted to partner with Bank Alfalah, and both organisations enjoy a healthy standing relationship eyeing towards the launch of Debit Cards and Branchless Banking Initiative. This new offering of Branchless Banking Product reflects the commitment to finding innovative ways to meet the evolving payment needs and is exemplary in 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.