The National Bank of Pakistan (NBP) on Thursday launched its new e-banking debit card, "NBP Cash Card". NBP President Ali Raza formally launched the card. Ali Raza said that though the product is not new, still the market is attractive for the debit card. He said the debit cards business is growing much faster than the credit cards as the credit cards charge much more than the prevailing interest rates. This is an all-purpose card, ie, Debit plus ATM Card. It can be used at any ATM of any bank at any time.
The debit card functions can be used at any Orix Debit Card Point Of Sale (P0S) network. During the initial phase, the facility will be available to all account holders of the bank in Karachi, Lahore, Islamabad and Rawalpindi.
"This facility would provide secure and convenient access to the customers of the National Bank from theft at more than 4,000 locations, including hotels and restaurants, hospitals and labs, shopping centres and malls, fuel stations, etc, across Pakistan," he said.
Within next one year the customers will access merchants at 10,000 locations. By June 2005 the number of cities will also be increased to 12, whereas, the service would be extended to the NBP customers across Pakistan in due course of time.
This would result in "NBP Cash Card" facility availability to online account holders of the bank. This is a no limit debit card directly linked to the customer accounts.
Ali Raza said that the NBP Cash Card will also serve as an ATM Card that can be used to withdraw cash instantly from over 700 ATMs of any bank in Pakistan which are connected to the 1-Link or the M-net systems.
The bank is in the process of adding its own 70 ATMs by May 2005. The cash withdrawal limit is Rs 20,000 per day on each card. The role of issuer and acquirer for the NBP Cash Card will be played by the NBP itself, while Orix Leasing Pakistan Limited will provide their point of sale network platform.
The NBP Cash Card is being provided free-of-cost to all the NBP online customers and also to those who are actively availing of any NBP asset/financing product.
He said that the existing NBP ATM cardholders would be automatically avail of the NBP Cash Card features on their ATM cards. They can also get new NBP Cash Cards issued at no cost from their branches.
The NBP is the largest bank of Pakistan with the largest customer base of 10 million account holders. It has the largest borrower base exceeding one million customers.
As compared to average of its peers for 2003, the NBP was bigger by 53 percent in asset size, 100 percent in pre-tax profit, 25 percent in return to assets, 23 percent on return on equity and 114 percent bigger in earning per share.
The pre-tax profit, which was Rs 520 million in 1999 has now increased to such levels that the "The Banker Magazine" has declared the NBP as the bank with the highest return on capital in Asia and No 8 in the world. The bank was awarded "Bank of the Year Award" for 2001, 2002 and 2004 by the world renowned "The Banker Magazine".
The NBP is the "Nation's bank" with an international recognition and acclaim in which both the state and nation can invest their trust and pride. The NBP has been ranked as one of the top 100 banks in Asia by "Euromoney" magazine in its issue of March 2005.
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