April 06, 2016, Karachi: In line with State Bank of Pakistan Vision 2020 to enhance and promote Financial Inclusion, 1LINK has launched Pakistan’s First Domestic Payment Scheme “PayPak” aimed at providing efficient, cost-effective, robust and ubiquities payments solutions.
PayPak’s strategic objective includes offering Domestic Payment Scheme to provide low cost payment services to every citizen of Pakistan.
The launch event was organized by 1LINK (Guarantee) Limited and was held at Pearl Continental Hotel, Karachi on April 05, 2016. The event was attended by various senior officials from the regulatory body and the banking industry.
PayPak was officially launched by the Chief Guest Mr. Ashraf Mahmood Wathra, Governor; State Bank of Pakistan, Mr. Saeed Ahmed, Deputy Governor, State Bank of Pakistan and Mr. Ashraf Khan, Executive Director, Operations, State Bank of Pakistan.
Mr. Ashraf Mahmood Wathra, after launching the Domestic Payment Scheme on the occasion said “With the launch of PayPak, Pakistan has become the 28th nation in the world to launch such a card scheme. We encourage all banks to utilize this new service and pass benefit to end customer”.
“1LINK has introduced various innovative services to promote electronic banking and financial inclusion, launch of ‘PayPak’ domestic scheme is the key milestone to make cards and electronic payments in reach of masses” said Mr. Faisal Ejaz Khan, CEO; 1LINK (Guarantee) Limited while addressing the event and explaining his vision, road map, objective and benefits of launching Pakistan’s First Domestic Payment Scheme.
This local card scheme has received overwhelming response from banks, over 19 banks have already signed up for PayPak to launch debit card services including Habib Bank, Bank Al Habib, NRSP and many other.
1Link has always been in the forefront of enablement of the poor in the country by providing support to BISP, WATAN cards, IDP cards etc. Launch of PayPak is also a step in the same direction.
The event concluded by giving away souvenirs to all major contributors in the Payment Industry of Pakistan.