Karachi, Pakistan; 18 January 2024: Mastercard and UBL have renewed its strategic business partnership focused on the issuance of debit cards in Pakistan. The multi-year collaboration will see the partners tap into opportunities to boost financial inclusion, meet evolving consumer expectations and showcase UBL as a key player in the country’s competitive digital payments landscape.
UBL’s customers will enjoy greater convenience in their Mastercard usage with attractive offers, innovative features and seamless services. The extended partnership will also cover digital payment solutions, notably facilitating cross-border and ecommerce payments by debit cards.
Mastercard will further offer access to its extensive portfolio of leading digital products and solutions, including debit and virtual cards, as well as cyber and intelligence resources. UBL will work with Mastercard Advisors, which leverages the company’s unmatched payment and technology expertise to deliver top-of-the-line consulting services, on a wide range of initiatives aimed at its growth journey.
“Building on a legacy of more than 20 years, Mastercard works with market leaders to support Pakistan’s dynamic digital transformation journey and fuel its economy. We are delighted to extend our longstanding partnership with UBL as we usher in a new era of collaboration and innovation. Together, Mastercard and UBL will create new opportunities for Pakistan and its people as we partner to create an inclusive digital economy that works for everyone,” said J.K. Khalil, Cluster General Manager, MENA East, Mastercard.
“Debit card offerings, especially those supported by a global payment network, such as Mastercard, contribute to a seamless and secure customer experience. The renewal of our collaboration agreement testifies to the stability and reliability of our banking services and reaffirms our trust in Mastercard’s capabilities as a global technology leader in the payments industry. The partnership will enable us to jointly invest in making payments faster and smoother to benefit all our card customers while helping our bank maintain relevance in Pakistan’s dynamic market,” said Muhammad Anas, Head of Consumer Banking, UBL.
Recognized as one of Pakistan’s most progressive and innovative banks, UBL has a growing portfolio of 1.8 million debit cards with Mastercard. In 2010, the two partners launched the country’s first premium debit card under the bank’s Signature proposition, followed by the first prepaid card seven years later.
