Meezan Bank, Pakistan’s first and largest Islamic bank, has joined hands with 1LINK (Guarantee) Limited, the largest interbank payment network service provider in the country to issue PayPak branded Debit Cards. ‘PayPak’ is Pakistan’s first Domestic Payment Scheme that aims to provide an indigenous alternative to international payment schemes.
Through efficient and cost effective payments services for every citizen of Pakistan, PayPak will not only improve the access to ATMs and point-of-sale terminals across the country but it will also complement the Government’s objective of greater financial inclusion in Pakistan.
Commenting on the occasion, Mr. Ariful Islam – Deputy CEO of Meezan Bank said: “The launch of PayPak Payment Scheme is an excellent initiative and will Inshallah develop the payment industry in Pakistan. It will help in increasing the usage of plastic money as well as broaden access to financial services in Pakistan. Meezan Bank is glad to adopt the new payment scheme that will transfer benefits to every citizen of Pakistan.”
Mr. Najeeb Agrawalla, CEO – 1LINK(Guarantee) Limited said: “We welcome Meezan Bank’s initiative for the issuance of PayPak which is aimed at supporting the underserved and unbanked population of the country through efficient and cost effective payment solutions.”
1LINK Guarantee Limited, owned by a consortium of 11 banks, is the country’s 1st PSO/PSP and largest switch and payment system, providing a host of valuable online banking services like, ATM Switching, Bills Payment, Inter Bank Funds Transfer, Fraud Risk Management, Switch Dispute Resolution, Global Payment schemes and PayPak – Domestic Payment Scheme, etc. 1LINK is continuously evolving and adding new products and services to benefit the financial industry.