In continuation of National Bank of Pakistan's (NBP) journey for embracing the future banking, NBP signed an agreement with 1 Link for launching Pakistan's first domestic card brand "PayPak". President NBP Syed Iqbal Ashraf, signed the agreement with 1 Link CEO Najeeb Agrawalla, in the presence of senior management from both sides including Mr Mudassir H. Khan - SEVP/Group Chief CRBG, Azfar Jamal - EVP/Head-Payment Services and Asif Durrani - Business Head 1-Link.
Ashraf thanked 1Link for spearheading the domestic card scheme which is aligned with the National Financial Inclusion Strategy of Government of Pakistan and State Bank of Pakistan. He further emphasised that technology is shaping the future for banking and NBP is cognisant of the future banking needs, hence NBP has embarked upon various technology initiatives aimed towards provision of multiple delivery channels and this agreement is part of the journey.
Speaking at the occasion Mudassir H Khan stated that the new card scheme will compete in the domestic market with international payment schemes, although its usage is presently restricted within Pakistan and Paypakcard will be utilised for customer segments that require local usage only as a low cost option. He further stated that this was an affordable and secure platform that would help enable financial inclusion.
CEO 1 Link informed the audience that with the launch of PayPak scheme, Pakistan has become one of the few countries who have their own payment scheme. He endorsed the commitment of 1Link to provide banking solutions to the banks aligned with the long term vision of financial inclusion. "PayPak" has been introduced by 1Link which is already providing interoperability services for ATM transactions as well as interbank fund transfers and utility bill payment facility. With the highest rural penetration of NBP branch network, this partnership is surely going to enhance plastic transactions in the Pakistani rural market.-PR