MasterCard partners Bank of Punjab for tapping into Pakistan

Friday 30 May 2014 13:25 CET | News

MasterCard and the Bank of Punjab have launched a Social Security Program to automate and streamline government disbursement, subsidy and assistance programs.

This initiative is aimed at driving financial inclusion specifically in Punjab – the largest province in Pakistan.Naeemuddin Khan, President and CEO, Bank of Punjab, informs that customers can now deposit funds, receive social benefits, and pay for goods and services.

Under this initiative, Bank of Punjab will issue millions of payment cards to citizens, allowing the unbanked population to access formal financial services. Cardholders will be able to make transactions around the world and withdraw cash from any ATM that accepts MasterCard products.

The new platform will support five government programs including pension, payroll, education, micro-lending, and healthcare. The program also enables biometrics to verify the recipient’s identity when using the card at merchants across the country.

MasterCard is a technology company in the global payments industry that operates globally by providing a payments processing network and, hence, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances.

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Keywords: Pakistan, MasterCard, Bank of Punjab, partnership, credit cards, social security program, financial inclusion, money transactions
Categories: Payments & Commerce
Countries: World
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