Bank Alfalah has joined hands with 1Link (Guarantee) Limited to launch Bank’s first PayPak Classic Debit Card.
PayPak is Pakistan’s first Domestic Payment Scheme launched by 1Link (Guarantee) Limited. It aims at providing efficient, cost-effective, robust and ubiquitous payment solutions. The Alfalah PayPak Classic Debit Card will allow customers to withdraw cash from 1Link’s ATM network of 8,000+ and conduct POS transactions at thousands of merchants nationwide. The card offers PIN-based customer authentication for ATMs as well as POS transactions.
“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,” said Atif Bajwa, President & CEO, Bank Alfalah. “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.”
Since its inception, Bank Alfalah has taken palpable measures to develop the local payments landscape and introduce diversified products for increased financial awareness and inclusion. The partnership will particularly prove fruitful as 1Link has also been at the forefront of enablement of the underserved in the country.
Since its inception, Bank Alfalah has grown rapidly to become Pakistan’s fifth largest private bank, the largest issuer and acquirer of credit cards and one of the largest Islamic Banking businesses in the country. The Bank has a network of over 650 branches spanning more than 200 cities with presence in Afghanistan, Bangladesh and Bahrain in addition to a representative office in the UAE. The Bank serves more than 1 million corporate, retail, small business, agricultural, Islamic and asset financing customers.