Mastercard has announced a strategic partnership with Bank Alfalah, which will see the bank’s online payment gateway infrastructure accept a wider array of cards, including the ability to make China Union Pay online payments in the market for the first time. The technology leader will power more than 13 million cards across Pakistan through the capabilities of its Mastercard Payment Gateway Services.
The collaboration between Mastercard and Bank Alfalah, one of the largest private banks in Pakistan, will offer enhanced value for merchants and consumers, and provide greater opportunities for people across Pakistan to benefit from the digital economy.
J.K. Khalil, Cluster General Manager, MENA East, Mastercard, said: “We are committed to driving financial inclusion by harnessing the power of technology. Mastercard Payment Gateway Services connects more people and merchants to the endless possibilities offered by the digital economy. We are delighted to build on our longstanding partnership with Bank Alfalah to accelerate Pakistan’s digital journey and create a more connected world as we unlock the potential of online payments for millions of people.”
According to Statista, the e-commerce market in Pakistan is expected to reach $7.6 billion in 2022 and should reach $9.1 billion by 2025.
Mehreen Ahmed, Group Head Retail Banking at Bank Alfalah commented on the occasion, “Online payments are vital for building the payment ecosystem in the country. We are delighted to be partnering with MasterCard to create yet another avenue for accelerating e-commerce in Pakistan.
This initiative will not only add convenience to consumers for conducting e-commerce transactions, but more importantly, enlarge the market for SME and large merchants through acceptance of another form of payment.”
Mastercard continues to partner and innovate as part of its quest to build a growing digital economy that works for everyone, everywhere. The company has made a worldwide commitment to financial inclusion to bring a total of 1 billion people, and 50 million micro and small businesses into the digital economy by 2025.