Key Takeaways
- Mastercard and the Bank of Khyber (BoK) have formed a strategic alliance to expand digital payment solutions.
- The collaboration aims to support the digitization of personal, commercial, and government transactions.
- BoK has seen significant growth in digitized services, expanding from three to 170 services in two years.
Mastercard and the Bank of Khyber (BoK) have entered into a strategic partnership to enhance digital payment solutions in Khyber Pakhtunkhwa, a province in Pakistan. This collaboration is aimed at supporting the digitization of various transactions, including personal, commercial, and government activities.
Muzzammil Aslam, Minister for Finance of Khyber Pakhtunkhwa, highlighted the province's progress in digital services, noting that it has expanded from three digitized services two years ago to 170 today, covering person-to-government, person-to-merchant, and government-to-person payments, including pension and salary disbursements through Raast.
Islam Zeb, Additional Chief Secretary of Khyber Pakhtunkhwa and Chairman of BoK, emphasized the bank's commitment to competing strongly by offering a comprehensive range of innovative products and services that meet customers' evolving financial needs.
Arslan Khan, Country Manager of Mastercard for Pakistan and Afghanistan, expressed his company's commitment to accelerating the digitization of the payments ecosystem across Khyber Pakhtunkhwa, particularly within the debit, credit, affluent, and SME segments.
Hassan Raza, Managing Director and CEO of BoK, stated that this agreement marks an important milestone in the bank's digital transformation journey. He emphasized the aim to offer customers greater convenience, security, and access to modern payment solutions, while contributing to the growth of Khyber Pakhtunkhwa's digital economy.
The partnership is expected to promote greater financial inclusion and the continued evolution of Pakistan's payments landscape. By expanding their card portfolio across consumer and commercial segments, both parties aim to meet the evolving financial needs of the province's population of 45 million.
The collaboration will support the broader transition towards a more inclusive, cashless economy in Pakistan, with a focus on leveraging the province's significant untapped potential in remittances, e-commerce, and merchant digitization.
Both Mastercard and BoK are committed to working together to drive the digital transformation in Khyber Pakhtunkhwa, ensuring that the province remains at the forefront of Pakistan's digital economy.
Bank of Khyber is our strategic partner as Khyber Pakhtunkhwa leads Pakistan’s transition towards a cashless economy.
Muzzammil Aslam, Minister for Finance, Government of Khyber Pakhtunkhwa
Building a cashless economy is central to our strategic agenda.
Islam Zeb, Additional Chief Secretary, Government of Khyber Pakhtunkhwa, and Chairman, BoK
We are pleased to deepen our collaboration with Bank of Khyber, reflecting the bank’s continued trust in Mastercard.
Arslan Khan, Country Manager, Pakistan and Afghanistan, Mastercard
