- Mastercard partners with the Bank of Punjab to enhance digital banking services, loyalty solutions, and Islamic credit card offerings.
- The collaboration aims to boost financial inclusion, digitise agriculture, and strengthen Pakistan’s banking ecosystem.
What happened: Mastercard collaborates with Bank of Punjab to improve digital banking
Mastercard, a global leader in payment technology, partners with the Bank of Punjab (BOP) to transform its digital banking ecosystem and enhance customer experience. This partnership aims to strengthen BOP’s debit and credit portfolios, introduce innovative loyalty programmes, and expand Sharia-compliant Islamic credit cards to meet rising demand in Pakistan. The collaboration also upgrades BOP’s digiBOP app for improved UI and UX while launching Mastercard’s World and World Elite cards for affluent KHAAS priority customers.
Other initiatives include agricultural sector digitisation through the Kissan Card and Livestock Card, enabling farmers to access loans and transact digitally. This partnership reinforces previous joint efforts, such as launching a freelancer digital account and card for IT gig workers in 2023. The move aligns with BOP’s mission to become Pakistan’s leading digital bank, targeting customer satisfaction and financial inclusion.
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Why it’s important
The collaboration between Mastercard and BOP is critical to advancing digital financial services in Pakistan, where access to formal banking remains limited. By introducing Islamic credit cards and priority banking services, the partnership addresses the needs of underserved segments, particularly small and medium-sized enterprises (SMEs) and freelancers. Mastercard’s loyalty solutions and agricultural digitisation efforts contribute to modernising Pakistan’s economy, providing farmers and small businesses with essential financial tools.
This strategic partnership highlights Mastercard’s commitment to Pakistan’s digital transformation and financial inclusion. BOP’s focus on innovation strengthens its position as a rapidly growing digital bank, benefiting customers across various sectors. As Pakistan’s banking industry evolves, this collaboration sets a benchmark for leveraging technology to drive economic growth and social progress.
