Staff Reporter
Karachi
Payments technology leader Mastercard has announced a partnership with Silkbank to expand credit card issuance in Pakistan, which will help increase the purchasing power and accelerate digital payment adoption in the market. The collaboration will see Silkbank rolling out innovative new credit card programs for consumers in Pakistan. Silkbank will be able to reach more customers through Mastercard’s network, technology and insights, improving digital access and ultimately delivering safer, simpler, and smarter payment solutions to more people across the country.
According to the State Bank of Pakistan (SBP), credit cards currently only contribute 3.8 percent towards the total number of payment cards in the country.
The potential for growth is further highlighted given SBP’s recent initiative to increase the maximum limit for credit cards per customer. As an issuer, Silkbank is focusing on driving credit card issuance in the country by providing unmatched service and innovation features to its cardholders.
“As digitization positively transforms the payments landscape in Pakistan, the need for safe, seamless, diversified banking products is increasing. Our partnership with Silkbank will encourage growth in card usage and electronic payments, making transactions more convenient, secure and efficient for people in the country.
Mastercard is committed to effective collaborations that advance the digital economy and extend payment infrastructure, and we’re delighted to partner with Silkbank to further make this a reality,” said Atyab Tahir, Country Manager, Pakistan, Mastercard.
