KARACHI: Bank Alfalah and Unionpay International have signed an agreement to issue debit cards in Pakistan. Under this agreement, Bank Alfalah will issue multiple categories of debit cards across different customer segments starting with branchless banking.
Utilizing Unionpay’s global experience and Bank Alfalah’s local expertise, both organizations will work together to develop and launch innovative, secure and widely accepted payment products and services in Pakistan, said a statement issued on Tuesday.
“Unionpay has had unparalleled success in the financial inclusion of the masses in China, and through this partnership we hope to bring solutions to the financially excluded segments in Pakistan,” said Atif Bajwa, President and CEO, Bank Alfalah.
He said that Bank Alfalah was at the forefront of the evolving digital financial services landscape in Pakistan and this partnership to provide innovative payment solutions to meet the changing needs of customers.
Shuan Ghaidan, Director of Products, UnionPay International, said: “the agreement has further endorsed the relations between China and Pakistan.”