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Mastercard, BOK, & LMKR team to advance Pakistan’s transit landscape

By Gloria Mathias

September 01, 2023

  • APAC Fintech news
  • Bank of Khyber (BOK)
  • Financial Inclusion

Mastercard, One Global, BOK, LMK Mastercard, Bank of Khyber BOK, and LMK Resources Pakistan have partnered to transform Peshawar’s mass transit system. Under the Mastercard Transit Partner Program Agreement, this collaboration will advance Pakistan’s transit landscape and drive financial inclusion for the city’s residents.

The partnership empowers BOK and LMKR to leverage Mastercard’s expertise to enable the development and implementation of cutting-edge EMV transit solutions. The solutions are set to redefine the travel experience by introducing an advanced open-loop payment method, effectively eliminating the need for conventional paper tickets.

Commuters can enjoy a seamless experience, using their debit and credit cards to pay for bus fares, in line with Pakistan’s digital transformation goals.

“At Bank of Khyber, we’re committed to enhancing the everyday experiences of our customers. This collaboration with Mastercard and LMKR marks a leap forward in that direction with introducing a smarter and more efficient way to travel. Our collective efforts aim to bring unmatched ease and convenience to daily commutes, while also building a system that promotes financial inclusivity for the people of Peshawar,” said Ali Gulfaraz, CEO & MD Bank of Khyber.

“At LMKR, our commitment is to reshape transit payments through innovative collaborations, envisioning a future where seamless contactless payment solutions redefine commuting convenience for all. Ultimately, this creates a more accessible, efficient, and interconnected transit landscape,” expressed Atif Rais Khan, CEO & Chairman of LMKR.

This collaboration highlights Mastercard’s commitment to enhancing transit solutions and the collaboration of BOK with LMKR reflects their drive to create a unified financial and digital ecosystem that caters to Pakistan’s evolving commuter needs. The innovative open-loop payment solution ensures secure, scalable, and cost-effective travel payments, while offering flexible fare calculation methods.

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