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March 23, 2017

Pakistan’s Bank Alfalah rolls out PayPak debit card

Bank Alfalah, a Pakistan-based card issuer and acquirer, in collaboration with 1Link (Guarantee) has rolled out its first PayPak Classic Debit Card.

By Verdict Staff

Bank Alfalah, a Pakistan-based card issuer and acquirer, in collaboration with 1Link (Guarantee) has rolled out its first PayPak Classic Debit Card.

1LINK (Guarantee) is a consortium of major banks that own and manages the largest representative interbank network in Pakistan.

Touted to be the first domestic payment scheme launched by 1Link (Guarantee) in Pakistan, the PayPak seeks to offer an efficient and cost-effective payment solutions.

Using the new Alfalah PayPak Classic Debit Card, the cardholders can withdraw cash from 1Link’s ATM network of 8,000+ and conduct POS transactions at thousands of merchants across the country.

The card provides PIN-based customer authentication for ATMs, as well as POS transactions.

Bank Alfalah president and CEO Atif Bajwa said: “As we share the financial inclusion goals with those posited in State Bank of Pakistan’s Vision 2020, our partnership with 1Link to introduce the country’s first Domestic Payment Scheme will provide low-cost payment services to every citizen of Pakistan

“We remain committed to our goal of revolutionizing Pakistan’s financial landscape, continuously striving to extend access of financial services to the underserved segments of our society.”

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