Pakistan Telecommunication Company Limited (PTCL) says that Mastercard has partnered with its fintech subsidiary U Microfinance Bank (UBank) to issue a new physical and virtual debit card for its mobile financial services platform UPaisa.
UPaisa customers will be able to use the debit card at over 120,000 POS in-store machines and withdraw cash from more than 18,000 ATMs across Pakistan. They can also use the card to make purchases online with over 7,500 online merchants in Pakistan.
The UPaisa debit card can also be used at over 100 million locations around the world that are part of the global Mastercard network.
Syed Atif Raza, CMO of PTCL and its mobile arm Ufone 4G, said that the tie-up with Mastercard will give UPaisa wallet users better security features and enable fast and convenient transactions.
“We continue to scale our digital ecosystem to respond effectively to the evolving digital and financial needs of our customers, in addition to bringing more Pakistanis under the umbrella of digital and financial inclusion to promote their socioeconomic wellbeing,” he said in a statement.
UPaisa is a joint collaboration between UBank and Ufone. The platform was launched in 2013.
