KARACHI: Mastercard has expanded its existing strong partnership with Faysal Bank through an agreement that will further support the digitisation of the payments infrastructure and accelerate the growth of digital transactions in Pakistan – a focus area, which has the potential to boost Pakistan’s GDP by up to 7 percent according to McKinsey Consulting, a statement said on Thursday.
Mastercard already had credit issuance with Faysal Bank in place and with the recent agreement, the bank can also issue Mastercard debit cards and enable
Mastercard QR on the Faysal Bank digital app, it added.
Additionally, Mastercard will bring virtual cards to Pakistan, helping provide additional peace of mind to online shopping. Faysal Bank will help enable this functionality for other banks across the country, it said.