September 2024 — Bank Alfalah, one of Pakistan’s largest commercial banks, has announced a groundbreaking partnership with UnionPay International (UPI) to launch the country’s first PayPak co-badge platinum debit card. The collaboration marks a significant milestone in the banking industry, offering customers access to exclusive global privileges and seamless international transactions across 183 countries and regions via UnionPay’s extensive payment network.
The official signing ceremony took place in Istanbul, where Atif Bajwa, President and CEO of Bank Alfalah, and James Yang, General Manager for the Middle East at UnionPay International, formalized the agreement. Senior representatives from both organizations, including Mehreen Ahmed, Group Head of Retail Banking, Syed Muhammad Asif, Head of Consumer Finance, Muhammad Qasim Rashid, Head of Unsecured Products, and Abid Malik, Head of Unsecured Product Management, represented Bank Alfalah. Nadeem Haroon, Country Manager for Pakistan, and Ali Abbas, Business Development Manager, were present on behalf of UnionPay International.
Pioneering a New Era in Digital Banking
Speaking on the occasion, Mehreen Ahmed, Group Head of Retail Banking at Bank Alfalah, shared her excitement:
“We are thrilled to partner with UnionPay International in introducing the PayPak co-badge debit cards for our customers. This initiative opens a new frontier for cardholders, empowering them to conduct international transactions with ease. By launching the UPI/PayPak co-badge Platinum Debit Card, we are redefining the customer experience, providing unmatched convenience and financial freedom.”
James Yang, General Manager for the Middle East at UnionPay International, also emphasized the significance of the collaboration:
“Our partnership with Bank Alfalah is a major step toward enhancing financial accessibility and convenience for Pakistani consumers. The new co-badge debit card enables seamless global transactions, bridging the gap between local and international financial needs. We are committed to working closely with Bank Alfalah to deliver innovative solutions that align with the evolving demands of the market.”
A Strategic Move Aligned with SBP’s Vision
This collaboration aligns with the State Bank of Pakistan’s (SBP) initiative to promote co-badge cards, encouraging financial institutions to introduce products that enhance the customer experience. The UPI/PayPak co-badge Platinum Debit Card not only reinforces Bank Alfalah’s leadership in digital banking but also expands the scope of services available to its customers beyond Pakistan’s borders.
By leveraging UnionPay’s global network, Bank Alfalah is set to provide its cardholders with unparalleled financial flexibility and access to a wide range of exclusive services. This partnership underscores the bank’s commitment to innovation and customer-centric solutions in the financial services industry.
The UPI/PayPak co-badge Platinum Debit Card is poised to set a new benchmark in Pakistan’s banking landscape, empowering customers with a truly global payment solution.
