Mastercard and Bank of Punjab have expanded their strategic partnership to strengthen digital payments and financial inclusion in Pakistan.
The two organisations reaffirmed and broadened a long-standing collaboration aimed at supporting Pakistan's transition towards a cashless and financially inclusive economy. The renewed agreement was discussed during a high-level meeting in Karachi, where senior representatives from both companies reviewed existing initiatives and identified new areas of cooperation across payment infrastructure, government disbursements and cross-border remittances.
Bank of Punjab (BOP), a Pakistan-based lender, has issued Mastercard-enabled debit and credit cards in support of several provincial financial inclusion schemes, including the CM Punjab Asaan Karobar Card, the CM Punjab Kissan Card and the CM Punjab Livestock Card. These programmes have been designed to extend access to formal financial services to entrepreneurs, farmers and livestock owners in Punjab.
BOP also referenced the Ramzan Nigehban Programme, through which financial assistance was distributed using Mastercard-enabled debit cards. According to the bank, the initiative supported greater transparency and operational efficiency in disbursement processes while reducing reliance on cash-based distribution.
Transit payments and remittances
Mastercard and BOP are also working on the digitisation of Punjab's transit programme, which spans 13 cities. The initiative is intended to allow commuters to make contactless fare payments using bank-issued cards, forming part of a broader push towards integrated, cashless public transport in Pakistan.
Beyond transit, the two organisations discussed expanding cooperation on cross-border payments and remittances, drawing on Mastercard's international payment network and BOP's growing cross-border payment capabilities. Furthermore, the stated aim is to improve the convenience and efficiency of remittance flows for overseas Pakistanis sending funds to family members in the country.
Strategic context
Mr. Zafar Masud, President & CEO of The Bank of Punjab, said the partnership with Mastercard has already played a role in supporting financial inclusion, government service delivery and economic development in Punjab, and that both organisations see further opportunities in modernising payment infrastructure and strengthening remittance ecosystems.
Moreover, Ms. Ailish Campbell, Executive Vice President Public Sector at Mastercard, said that Pakistan is building institutional groundwork for the development of its digital payments sector, and that the company aims to combine its payment technology with public sector partnerships to support the country's broader digital transformation.
Mastercard operates payment networks across more than 200 countries and territories. The renewed agreement with BOP builds on an existing relationship between the two organisations in Pakistan's payments and financial inclusion sector, with further details on implementation timelines not disclosed.
