Faysal Bank working to advance digital payment innovation in Pakistan
Faysal Bank Limited (FBL), a leading
Islamic bank in Pakistan, has entered into a strategic Memorandum of
Understanding (MoU) with Pakistan State Oil (PSO) to enhance digital payment
solutions at PSO fuel stations across the country. This partnership highlights
a shared commitment to advancing Pakistan's digital financial ecosystem by
streamlining payment transactions with state-of-the-art solutions.
The MoU signing ceremony, held at
PSO House, was attended by Yousaf Hussain, President & CEO of Faysal Bank,
and Taha Siddiqui, Director & MD of PSO, alongside senior executives from
both organizations. As part of the collaboration, Faysal Bank will deploy
advanced Point-of-Sale (POS) solutions at PSO fuel stations, enabling seamless
digital transactions for fuel and non-fuel purchases alike. Powered by FBL's
fintech partner, AltPay, the integrated system will support payment acceptance
across bank-issued cards, PSO fuel cards, and other digital payment methods,
offering real-time transaction visibility.
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Yousaf Hussain, President & CEO
of Faysal Bank, remarked, “We are committed to transforming Pakistan’s digital
financial landscape by driving innovation and expanding access to seamless,
Shariah-compliant payment solutions. This collaboration with PSO is a
significant milestone in that journey, allowing customers to enjoy greater
convenience and accessibility with digital payments at fuel stations
nationwide. By leveraging cutting-edge technology, we aim to streamline
payments while enhancing security, efficiency, and transparency in financial transactions.
This initiative is aligned with our broader goal of promoting financial
inclusion, driving cashless transactions, and contributing to Pakistan’s
digital economic growth.”
This collaboration sets the stage
for a more connected, efficient, and secure digital payment infrastructure,
strengthening both organizations' shared vision of a digitally empowered
economy.
Source: The Nation