ISLAMABAD: UPaisa and Mastercard, a digital and financial application offered by U Microfinance Bank and Ufone 4G, have introduced a new physical and virtual debit card, enhancing Pakistan’s digital payments ecosystem.
As per tech media report, the new co-branded physical and virtual card will let UPaisa wallet users safely shop online, make purchases in stores, and withdraw cash from ATMs in Pakistan.
Report says, Consumers can now shop online easily and safely with over 7,500 online stores in Pakistan and anywhere Mastercard is accepted around the world.
Additionally, consumers can use over 120,000 in-store POS machines and withdraw cash from more than 18,000 ATMs across the country.
UPaisa wallet users can also benefit from enhanced security features, along with fast and convenient transactions, while joining the global Mastercard network with access to over 100 million acceptance locations worldwide.
Also Read: Illegal VPNs to be blocked after registration process, says PTA chairman
“Our partnership with UPaisa builds on our common goals of supporting Pakistan’s growing move towards a digital economy. In line with the country’s Vision 2025, the launch of this new debit card will help change Pakistan’s payment system, providing smooth, safe, and easy experiences for users through 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 to benefit from a variety of new technologies and user-friendly experiences.
“The UPaisa debit card, in partnership with Mastercard, is a testament to our continued commitment to enhancing the digital banking experience through innovative and user-friendly financial solutions.
“We continue to scale our digital ecosystem to effectively respond to the evolving digital and financial needs of our customers, while also bringing more Pakistanis under the umbrella of digital and financial inclusion to promote their socioeconomic well-being,” said Syed Atif Raza, Chief Marketing Officer, PTCL and Ufone 4G.
In Pakistan, UPaisa is one of the leading mobile financial services platforms in Pakistan, offering a range of services including money transfers, bill payments, mobile top-ups, and ATM cardless cash withdrawals.
App also offers accessible, affordable, and convenient financial services, particularly to those who are underserved or unbanked, helping them access opportunities for social and economic growth and prosperity.
