Faysal Bank, Total Parco sign agreement for digital payments

Friday 2 February 2024 14:22 CET | News

Pakistan-based Faysal Bank, a subsidiary of KSA Holdings, has signed an agreement with oil marketing company Total Parco to provide digital payments to the latter’s retail network. 

Through this collaboration, Faysal Bank’s point-of-sale card acceptance solution is set to enable Total Parco’s customers to complete payments via cards and Near Field Communication (NFC) services.

Faysal Bank has signed an agreement with oil marketing company Total Parco to provide digital payments to the latter’s retail network.

Since its incorporation in Pakistan in 1994, Faysal Bank is a complete Islamic bank engaged in commercial, retail, and corporate banking activities. Currently, the bank’s footprint spans over 270 cities and has a network of 700 Islamic banking branches. Faysal Bank’s offering includes products and services tailored to the needs of its customers, while also adhering to the principles of Shariah and the guidelines provided by the Shariah Boards. The bank serves individuals, institutions, corporations, trusts, consumers, and small and medium-sized businesses (SMEs). Furthermore, Faysal Bank’s progressive approach to banking is reflected in its variety of digital accounts, with the bank providing accessibility and convenience to its customers to meet their individual and business needs.

Total Parco’s commitment is to provide cost-effective, reliable, and clean energy following safety standards and environmental concerns. As a customer-centric organisation, the company continually improves its relationship with its clients by developing additional solutions, products, and services.

Faysal Bank – Total Parco agreement 

According to Faysal Bank’s officials, the bank’s agreement with Total Parco supports its objective to increase the acceptance and digital footprint across Pakistan through its Shariah-compliant financial solutions. Representatives from Total Parco underlined that the company aims to assist the needs of its customers, as well as the changing trends in their preferences. The collaboration with Faysal Bank focuses on furthering the company’s commitment to addressing the needs and requirements of its diverse customer base.

Statista’s data shows that the total transaction value in the digital payments market is expected to reach USD 17.68 billion in 2024 in Pakistan, with an annual growth rate between 2024 and 208 of 7.08%. Faysal Bank and Total Parco’s strategic partnership focuses on providing simplified cashless transactions to individuals residing in Pakistan through the bank’s digital solutions. By working together, the two organisations intend to advance digitalisation in the region’s payment landscape, as well as to cater to the evolving preferences of users.

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Keywords: partnership, digital payments, cashless, financial inclusion, financial services, Islamic banking
Categories: Payments & Commerce
Companies: Faysal Bank, Total Parco
Countries: Pakistan
This article is part of category

Payments & Commerce

Faysal Bank


Total Parco

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