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Mastercard & Bank of Punjab to boost commercial digital payments in Pakistan

By Gloria Mathias

February 15, 2024

  • APAC news
  • B2B Payments
  • Bank of Punjab
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BOP, Bank of Punjab, Mastercard, Commercial digital payments, APAC News, Payments Technology, card Payments, B2B payments, Payments solutions, Payments as a service, Pakistan Fintech NewsMastercard and the Bank of Punjab (BOP) have expanded their partnership to cover the commercial segment, ranging from large corporate entities and small and medium enterprises (SME) to freelancers and gig workers.

BOP will issue Mastercard BusinessCards for SMEs, offering a range of solutions designed to cater to the country’s 5.2 million-strong SME market.  BoP has also launched the Foreign Currency Business Debit Card, enabling more than 2.5 million freelancers to digitise their payments.

The extended partnership will see the introduction of the Mastercard Corporate Card, which will offer larger businesses a customised, flexible, and secure digital payment solution to manage employees’ travel, entertainment, and procurement expenses, with a high level of expense visibility. This will enable corporates to manage payments more efficiently and reduce friction in making B2B payments.

“Building on a market legacy that spans over two decades, Mastercard collaborates with our partners to accelerate Pakistan’s digital transformation, drive financial inclusion, and fuel its economy. In line with our pledge to bring 50 million SMEs worldwide into the digital economy by 2025, we are harnessing the power of our technology to help businesses of all sizes pay and get paid. The expansion of our partnership with BOP marks a transformative step in modernising payment methods and making them widely accessible to Pakistan’s businesses and individuals alike,” said Arslan Khan, Vice President and Country Business Manager, Pakistan, Mastercard.

“We are proud to venture into the SME space with Mastercard. In Pakistan, this segment was previously largely neglected, whereas freelancers faced barriers to entry. Extended credit to the SME segment is a top priority for BOP, and winning PBA’s Best Bank for SME Awards twice and the Best SME Bank Award by Asia Money is a testament to our ambition. Similarly, we are aggressively marketing our Freelancer offering, which enables young IT professionals to bring their foreign earnings back home conveniently. Our extended collaboration will enable us to tackle the cash flow challenges being faced by SMEs and provide seamless payment services for the nation’s businesses,” said Nofel Daud, Group Head of Strategy and Strategic Initiatives at BOP.

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