Mastercard & BoK partner to accelerate digital payments

In Peshawar, Mastercard and the Bank of Khyber have formed a partnership to bolster the bank's digital payment offerings. This strategic alliance aims to provide customers with enhanced access to secure, user-friendly, and contemporary payment options. The collaboration is set to facilitate the digitization of personal, commercial, and governmental transactions, playing a significant role in Pakistan's shift towards a more inclusive, cashless economy.

Bank of Khyber, the bank's major shareholder, is deeply committed to supporting this growth. Muzzammil Aslam, the Minister for Finance for the province of Khyber Pakhtunkhwa, highlighted the province's progress in the digital transformation journey, noting that it has expanded its digitized services from three to 170 in the past two years.

These services include person-to-government, person-to-merchant, and government-to-person payments, including pension and salary disbursements through Raast. With a population of 45 million and vast untapped potential in remittances, e-commerce, and merchant digitization, the province presents a substantial opportunity for growth.

Islam Zeb, the Additional Chief Secretary of the Government of Khyber Pakhtunkhwa and Chairman of the Bank of Khyber, emphasized the bank's commitment to becoming a strong competitor by offering a diverse range of innovative products and services that cater to customers' evolving financial needs. Arslan Khan, the Country Manager for Mastercard in Pakistan and Afghanistan, expressed satisfaction with the deepening partnership, stating that both parties remain dedicated to accelerating the digitization of the payments ecosystem within Khyber Pakhtunkhwa.

This expansion will focus on the debit, credit, affluent, and SME segments, with the shared goal of promoting greater financial inclusion and the evolution of Pakistan's payments landscape.

Hassan Raza, the Managing Director and CEO of the Bank of Khyber, confirmed that this agreement marks a crucial milestone in the bank's digital transformation journey. By broadening its card portfolio across consumer and commercial segments, the bank aims to provide customers with increased convenience, security, and access to modern payment solutions. This move will contribute to the growth of Khyber Pakhtunkhwa's digital economy.