Mastercard and UPaisa launch a new debit card to transform the Pakistan payments landscape

• The new co-branded physical and virtual card will enable UPaisa wallet users to perform e-commerce, POS, and ATM cash withdrawal transactions securely in Pakistan

Dubai, UAE; 10 September 2024: Mastercard and UPaisa – a digital and financial app by U Microfinance Bank and Ufone 4G – have launched a new physical and virtual debit card, advancing the digital payments landscape in Pakistan. Consumers can now benefit from a hassle free and secure way to shop online with over 7,500 online merchants in Pakistan and wherever Mastercard is accepted globally.

Furthermore, consumers can use more than 120,000 POS in-store machines and withdraw cash from more than 18,000 ATMs nationwide. UPaisa wallet users can also enjoy enhanced security features, and fast and convenient transactions while becoming part of the global Mastercard network that has access to over 100 million acceptance locations internationally.

“Our collaboration with UPaisa, builds on our common goals of supporting Pakistan’s increasing shift towards a digital economy. In line with the objectives of the country’s Vision 2025, the launch of this new debit card will support the transformation of Pakistan’s payments landscape while enabling seamless, safe and convenient consumer experiences, powered by advanced technology,” said Muhammad Nana, Senior Vice President, Digital Partnerships, EEMEA, Mastercard.

Mastercard’s partnership with U Microfinance Bank - a wholly owned subsidiary of Pakistan Telecommunication Company Limited (PTCL), and the issuer of the new card - will enable consumers and businesses in 32 countries, across the Middle East, Asia, and Africa benefit through a variety of new technologies and user-friendly experiences.

"The UPaisa debit card in partnership with Mastercard is a testament to our sustained commitment in improving the digital banking experience through innovative and user-friendly financial solutions. We continue to scale our digital ecosystem to respond effectively to the evolving digital and financial needs of our customers, in addition to bringing more Pakistanis under the umbrella of digital and financial inclusion to promote their socioeconomic wellbeing,” said Syed Atif Raza, Chief Marketing Officer, PTCL and Ufone 4G.

UPaisa is one of the leading mobile financial services platforms in Pakistan that provides a range of financial services, such as money transfers, bill payments, mobile top-ups, and ATM cardless cash withdrawals. The app also provides accessible, affordable, and convenient financial services especially to those who are underserved or unbanked so they can access opportunities for their social and economic growth and prosperity.