As the competition in Pakistan’s banking industry is increasing at a rapid pace, it shouldn’t come as a surprise that Bank Alfalah has introduced a new service in order to cater its diverse customer base. It is recently reported that Bank Alfalah has signed a partnership agreement with 1Link Limited in order to launch its first PayPak Classic Debit Card.
PayPak is Pakistan’s first Domestic Payment Scheme launched by 1Link Limited. The main of the scheme is to offer cost-effective, and efficient payment solutions to the citizens of Pakistan. Analysts believe that the recent move of Bank Alfalah is a part of its bigger plan to create traction among the customers to use its services.
The Alfalah PayPak Classic Debit Card enable customers withdraw cash from any 1Link’s ATM network of more than 8000 and conduct POS transactions at thousands of merchants nationwide. Adding to that, the card offers PIN-based customer authentication for ATMs as well as POS transactions.
“As we share the financial inclusion goals with those posited in State Bank of Pakistan’s Vision 2020, our partnership with 1Link to introduce the country’s first Domestic Payment Scheme will provide low-cost payment services to every citizen of Pakistan,” said Atif Bajwa, President & CEO, Bank Alfalah. “We remain committed to our goal of revolutionizing Pakistan’s financial landscape, continuously striving to extend access of financial services to the underserved segments of our society.”