Mastercard, a global payments technology leader, has partnered with the Bank of Punjab (BOP), a rapidly growing Pakistani bank, to transform the its digital ecosystem and elevate its customers’ digital banking experience.
The partnership aims to enhance BOP’s consumer debit and credit offerings, expand its affluent portfolio, and introduce innovative loyalty solutions.
This collaboration aligns with BOP’s strategy to position itself as Pakistan’s leading digital bank while boosting financial inclusion and customer satisfaction.
Mastercard is a global FinTech giant providing cutting-edge payment solutions and digital technologies to drive financial inclusion and innovation worldwide.
The Bank of Punjab is one of Pakistan’s fastest-growing digital banks, offering a wide range of banking services with a focus on customer-centric innovation and financial inclusion.
The partnership introduces Mastercard’s World and World Elite cards to BOP’s KHAAS priority banking customers, targeting high-net-worth individuals (HNIs) and affluent clients. This move seeks to establish KHAAS as the premier priority banking program in Pakistan.
BOP will also launch Islamic credit cards under this collaboration, addressing the growing demand for Sharia-compliant financial solutions in Pakistan.
Additionally, BOP is set to implement an enterprise-wide loyalty program, leveraging Mastercard’s Pay with Rewards and Mastercard Rewards Solutions to provide customers with seamless, digital rewards redemption capabilities.
The partnership will enhance the digiBOP mobile app, improving its user interface (UI) and user experience (UX) using Mastercard’s Digital Spark Lab.
In the agricultural sector, the collaboration has introduced the Kissan Card, enabling small farmers to access interest-free loans and transact digitally. Similarly, the Livestock Card offers financing based on livestock availability. These initiatives aim to digitise Pakistan’s agricultural ecosystem.
In 2023, Mastercard and BOP launched a freelancer digital account and card to support gig workers in the IT sector. BOP also became the first Pakistani bank to issue Mastercard SME cards, benefiting MSMEs and freelancers.
BOP actively supports Mastercard’s Strive Women program, promoting financial access for women entrepreneurs in Pakistan.
“Mastercard is our trusted partner in executing our digital transformation strategy. We are delighted to strengthen our relationship to bring added value and convenience across multiple aspects of our offerings. The collaboration will reinforce our position as Pakistan’s fastest-growing digital bank focused on innovation, best-in-class products, customer experience and digital solutions,” said BOP chief digital officer Nofel Daud.
“At Mastercard, we are committed to harnessing the power of partnerships to support Pakistan’s digital transformation and economic growth. Collaboration with BOP, our key ecosystem partner enables us to jointly launch new initiatives to drive financial inclusion, digitise payment flows and provide greater financial access to under-served segments. We thank BOP for their trust in Mastercard as their principal partner across all portfolios and services. This new exciting partnership also enhances BOP’s affluent proposition, provides enterprise-wide loyalty, innovation in the Islamic banking space and boosts its customers’ digital experience,” said Arslan Khan, Mastercard country manager for Pakistan and Afghanistan.
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