SadaPay, a fintech firm launching in Pakistan, has partnered with Mastercard to equip its payment wallet holders with Mastercard debit cards.
The Mastercard debit cards linked with SadaPay’s wallet can be used locally and internationally on e-commerce platforms, POS and ATMs.
The purchases made by the card can be tracked through the app and instant transaction notifications.
The cardholders will also have the provision to lock or unlock their cards in case it’s lost, stolen or misplaced.
Apart from issuing the debit cards, Mastercard will also act as a payment processing platform for SadaPay.
Mastercard Middle East and North Africa division president Khalid Elgibali said: “By bringing Mastercard’s pioneering and innovative digital payment solutions to Pakistan, we hope to expedite the adoption of cashless payments in the region and empower greater financial independence for all.”
Under the exclusive partnership agreement, SadaPay is expected to issue more than three million debit cards over the next five years.
As a new entrant in the Pakistan market, the fintech firm intends to serve the unbanked and underbanked population with emphasis on addressing payment pain points for freelancers and the self-employed.
The company recently secured an Electronic Money Institution (EMI) licence from the State Bank of Pakistan (SBP).
SadaPay founder and CEO Brandon Timinsky said: “We are very thankful to the State Bank of Pakistan (SBP) for not only being so forward-thinking with their issuance of the EMI regulations but also for being extremely welcoming to our progressive ideas to push financial inclusion.
“Additionally, having a staple institution like The Bank of Punjab as our primary banking partner will help instil consumer confidence as we roll out innovative, digital-first products and services.”
A fee-free SadaPay account can be opened on a smartphone instantly with a selfie and a picture of the user’s National Identity (CNIC) card.
The account users are eligible for three free monthly withdrawals from any ATM across Pakistan and interbank transfers up to PKR10,000 ($62.36) are processed instantly.
The account will also support cash-in from thousands of retail partner agents across the country.