Mastercard and BoK partner to accelerate digital payments

PESHAWAR: Mastercard and Bank of Khyber (BoK) have formed a strategic partnership to boost the bank's digital payment offerings, providing customers with more secure, convenient, and modern payment solutions. The partnership aims to support the digitization of personal, commercial, and government transactions, contributing to Pakistan's broader shift towards a more inclusive, cashless economy.

Muzzammil Aslam, the Minister for Finance for the Khyber Pakhtunkhwa province, stated that BoK has grown from offering three digitized services two years ago to 170 services today. These services cover person-to-government, person-to-merchant, and government-to-person payments, including pension and salary disbursements through Raast.

Hassan Raza, Managing Director and CEO of BoK, emphasized the bank's commitment to expanding its card portfolio across consumer and commercial segments to offer customers greater convenience, security, and access to modern payment solutions. Arslan Khan, Country Manager for Pakistan and Afghanistan at Mastercard, highlighted that the agreement marks a significant milestone in BoK's digital transformation journey and will promote greater financial inclusion in Khyber Pakhtunkhwa's digital economy.