Meezan Bank launches domestic payment scheme in Pakistan
The signing ceremony
Meezan Bank in Pakistan is partnering with 1LINK Guarantee, an interbank payment network service, to issue PayPak branded debit cards across the nation.
PayPak is Pakistan’s “first” domestic payment scheme that aims to provide an “indigenous alternative to international payment schemes”.
Ariful Islam, deputy CEO of Meezan Bank, says it “will, inshallah [God willing], develop the payment industry in Pakistan”.
Meezan adds that PayPak will improve access to ATMs and point-of-sale (POS) terminals, and complement the government’s objective of greater financial inclusion in Pakistan.
1LINK Guarantee is owned by a consortium of 11 banks and provides online banking services – such as ATM switching, bills payment, interbank funds transfer, fraud risk management, switch dispute resolution and global payment schemes.
More on Meezan
Meezan uses the Temenos T24 core banking system and is one of ten Temenos customers in the country. Others include NIB Bank (NDC’s first live site for T24 R15), Soneri Bank (also with NDC as the system integrator), Allied Bank, Bank Alfalah and JS Bank.
Last week, Meezan teamed with Mastercard for the launch of Pakistan’s first contactless card solution.
At that time, Islam said its existing debit cards “will be upgraded to a more convenient and safer payment solution equipped with the latest technology, which provides more effective protection against card cloning and skimming”.
