As part of this extended alliance, which was initially forged in 2022, Mastercard plans to focus on improving the bank’s digital ecosystem and its customers’ digital experience, with users of Bank of Punjab’s priority banking programme KHAAS now benefiting from the company’s World and World Elite cards. In addition, under this collaboration, the financial institution is set to expand into new segments with augmented customer value propositions (CVP) and products, intending to develop KHAAS as the region’s preferred priority programme for affluent and high-net-worth individuals (HNIs).
The move follows Mastercard’s announcement regarding an expansion of its collaboration with Bank of Punjab in February 2024, when the two organisations joined forces to cover the commercial segment and improve payments for Pakistan’s SMEs, freelancers, and gig workers. At that time, Bank of Punjab become the first bank in the country to issue Mastercard’s BusinessCards for SMEs, offering a broad range of solutions to cater to a market of over five million businesses.
The partnership between Mastercard and Bank of Punjab aims to facilitate the launch of Islamic credit cards, addressing the scaling demand for Islamic banking payment solutions in Pakistan. Also, the bank plans to launch an enterprise-wide loyalty programme leveraging Mastercard’s global knowledge and its Pay with Rewards and Mastercard Rewards solutions, spanning several products and segments. At the same time, the two organisations intend to optimise the bank’s mobile app digiBOP’s user interface and user experience, using Mastercard Digital Spark Lab, a platform that merges modern digital technologies, design thinking, and UX expertise.
Furthermore, Mastercard and Bank of Punjab are set to centre their efforts on transit payments, Mastercard Gateway, and low-cost acceptance, while also partnering on the Kissan Card, a government-issued service that provides small farmers with interest-free loans via Mastercard credit loans. The Kissan Card enables users to transact digitally with agri-dealers via Mastercard’s Tap-on-Phone acceptance solutions. Also, by leveraging the Livestock card, which was launched recently, small farmers can benefit from interest-free financing based on livestock availability. These initiatives focus on supporting the digitisation of the agricultural space of Pakistan’s agricultural ecosystem.
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