RECORDER REPORT

KARACHI: Mastercard has expanded its existing strong partnership with Faysal Bank through an agreement that will further support the digitization of the payments infrastructure and accelerate the growth of digital transactions in Pakistan.

Payment digitalization is focus area which has the potential to boost Pakistan's GDP by up to 7 percent according to McKinsey Consulting.

Mastercard already had credit issuance with Faysal Bank in place and with the recent agreement, the Bank can also issue Mastercard debit cards and enable Mastercard QR on the Faysal Bank digital app.

Additionally, Mastercard will bring virtual cards to Pakistan, helping provide additional peace of mind to online shopping. Faysal Bank will help enable this functionality for other banks across the country.

Commenting in this partnership, Atyab Tahir, Mastercard's Country Manager for Pakistan has said that Mastercard continued collaboration with Faysal Bank is great news for Pakistan's payment infrastructure, and with every new card issued and QR transaction made. "We are one step closer to a world where more opportunities can be embraced without the burden of cash," he added.

Yousuf Hussain, President and CEO of Faysal Bank said that Faysal Bank is pleased to expand partnership with Mastercard for enhancing product offering for customers in Pakistan.

"As a leading Bank in the country, we remain focused on digital growth, seamless user experiences which increase convenience and look at this partnership to increase the reach and accessibility of digital payments in the country," he added.