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May 28, 2014

Bank of Punjab partners with MasterCard to launch social security program

Pakistan’s Bank of Punjab has teamed up with MasterCard to launch Social Security Program to offer citizens streamlined access to disbursement, subsidy and assistance programs.

By Verdict Staff

Pakistan’s Bank of Punjab has teamed up with MasterCard to launch Social Security Program to offer citizens streamlined access to disbursement, subsidy and assistance programs.

The initiative is aimed at driving financial inclusion in Pakistan and specifically in Punjab.

The new platform will support five government programs including pension, payroll, education, micro-lending, and healthcare.

A key part of the program is the use of biometrics to verify the identity of the recipient when using the card at merchants across the country.

Naeemuddin Khan, president and CEO of Bank of Punjab, said: "The Bank of Punjab is delighted to partner with MasterCard to bring this platform to the people of Punjab, in support of Chief Minister Shahbaz Sharif’s vision to deliver financial services to every citizen in the province, improve government services, and eliminate inefficiencies.

"Cardholders will now have one safe, secure and simple way to deposit funds, receive social benefits, and pay for goods and services."

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