ISLAMABAD: Mastercard and UPaisa, a digital and financial app by U Microfinance Bank and Ufone 4G, have unveiled a new co-branded debit card that promises to transform the payments landscape in Pakistan.
The launch includes both physical and virtual card options, designed to enhance security and convenience for UPaisa wallet users.
This new debit card allows users to perform a variety of transactions including e-commerce purchases with over 7,500 online merchants in Pakistan and globally wherever Mastercard is accepted.
Furthermore, it enables transactions at more than 120,000 POS (point-of-sale) terminals and cash withdrawals from over 18,000 ATMs nationwide. The card provides enhanced security features and seamless access to the global Mastercard network, which includes over 100 million acceptance locations worldwide.
Muhammad Nana, Senior Vice President of Digital Partnerships for Mastercard in EEMEA, stated, “Our partnership with UPaisa aligns with our shared vision of advancing Pakistan’s digital economy. This new debit card supports the country’s Vision 2025 goals by transforming the payments landscape and providing consumers with secure, efficient, and convenient transaction experiences through advanced technology.”
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The collaboration between Mastercard and U Microfinance Bank—part of Pakistan Telecommunication Company Limited (PTCL)—offers consumers and businesses across 32 countries in the Middle East, Asia, and Africa access to innovative technologies and user-friendly financial solutions.
Syed Atif Raza, Chief Marketing Officer of PTCL and Ufone 4G, commented, “The UPaisa debit card, in partnership with Mastercard, underscores our commitment to enhancing the digital banking experience with innovative and user-friendly solutions. We are dedicated to expanding our digital ecosystem to meet the evolving financial needs of our customers and to promote financial inclusion and socioeconomic growth across Pakistan.”
UPaisa is a leading mobile financial services platform in Pakistan, offering a range of services including money transfers, bill payments, mobile top-ups, and cardless ATM withdrawals. The app aims to provide accessible, affordable, and convenient financial services, particularly to underserved and unbanked populations, fostering opportunities for social and economic development.
