Mastercard and UPaisa introduce co-branded debit card
Mastercard and UPaisa, the digital
financial app by U Microfinance Bank and Ufone 4G, have introduced a new
co-branded debit card aimed at transforming the payments landscape in Pakistan.
Available in both physical and
virtual formats, the new debit card is designed to offer enhanced security and
convenience for UPaisa wallet users. It supports a range of transactions,
including online purchases from over 7,500 merchants in Pakistan and worldwide
wherever Mastercard is accepted.
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The card also enables transactions
at more than 120,000 point-of-sale (POS) terminals and cash withdrawals from
over 18,000 ATMs across the country. It features advanced security measures and
provides seamless access to the global Mastercard network, which includes over
100 million acceptance locations globally.
Muhammad Nana, Senior Vice President
of Digital Partnerships for Mastercard in EEMEA, remarked, “Our collaboration
with UPaisa is aligned with our mutual goal of advancing Pakistan’s digital
economy. This new debit card contributes to the country’s Vision 2025 by
enhancing the payments ecosystem and offering consumers secure, efficient, and
convenient transaction experiences through cutting-edge technology.”
The partnership between Mastercard
and U Microfinance Bank, part of Pakistan Telecommunication Company Limited
(PTCL), extends access to innovative financial solutions across 32 countries in
the Middle East, Asia, and Africa.
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Syed Atif Raza, Chief Marketing
Officer of PTCL and Ufone 4G, stated, “The UPaisa debit card, developed in
partnership with Mastercard, highlights our commitment to improving the digital
banking experience with innovative, user-friendly solutions. We are focused on
expanding our digital ecosystem to address the evolving financial needs of our
customers and to support financial inclusion and economic growth throughout
Pakistan.”
UPaisa is a leading mobile financial
services platform in Pakistan, providing a range of services including money
transfers, bill payments, mobile top-ups, and cardless ATM withdrawals. The app
is dedicated to delivering accessible, affordable, and convenient financial
services, particularly to underserved and unbanked populations, thereby
fostering social and economic development.
Source: We News