In a significant step toward advancing Pakistan’s digital economy, Mastercard has partnered with UPaisa, the digital financial services platform of U Microfinance Bank and Ufone 4G, to introduce a new physical and virtual debit card. This collaboration aims to offer consumers a secure, convenient, and seamless way to conduct digital transactions both locally and globally.
The UPaisa debit card, now available to all users of the platform, allows for online shopping with over 7,500 merchants in Pakistan and is accepted at Mastercard’s global network of over 100 million locations. Consumers can also use the card at more than 120,000 POS (point of sale) machines in-store and withdraw cash from 18,000 ATMs nationwide.
With enhanced security features, UPaisa wallet users can enjoy faster, more convenient transactions while benefiting from Mastercard’s extensive global reach. This move is poised to play a vital role in transforming Pakistan’s payments landscape by promoting digital and financial inclusion.
Mastercard’s Vision for a Digital Economy
Speaking on the partnership, Muhammad Nana, Senior Vice President, Digital Partnerships, EEMEA at Mastercard, said, “Our collaboration with UPaisa builds on our shared goal of supporting Pakistan’s transition to a digital economy. In line with the objectives of Vision 2025, the launch of this new debit card will contribute to modernizing Pakistan’s payment ecosystem and delivering seamless, secure, and convenient experiences for consumers, all powered by advanced technology.”
U Microfinance Bank, a wholly-owned subsidiary of Pakistan Telecommunication Company Limited (PTCL), will serve as the issuer of the new card, enabling consumers and businesses across 32 countries in the Middle East, Asia, and Africa to access a variety of innovative technologies and user-friendly solutions.
Bridging the Digital Divide
Syed Atif Raza, Chief Marketing Officer of PTCL and Ufone 4G, emphasized the importance of the partnership for financial inclusion in Pakistan. “The UPaisa debit card, in collaboration with Mastercard, is a testament to our commitment to enhancing the digital banking experience through innovative and accessible financial solutions. We are continuously scaling our digital ecosystem to meet the evolving needs of our customers while bringing more Pakistanis under the umbrella of digital financial inclusion for their socioeconomic well-being.”
About UPaisa
UPaisa is one of Pakistan’s leading mobile financial services platforms, offering a wide range of services, including money transfers, bill payments, mobile top-ups, and ATM cardless cash withdrawals. Focused on providing accessible, affordable, and convenient financial services, especially to underserved or unbanked populations, UPaisa aims to empower Pakistanis by offering financial tools that enhance their social and economic opportunities.
This partnership between Mastercard and UPaisa marks a significant milestone in the country’s efforts to modernize its financial infrastructure, bringing Pakistan closer to realizing its Vision 2025 digital economy goals.
