Mastercard and The Bank of Punjab Expand Strategic Collaboration to Support Pakistan’s Cashless Economy and Digital Transformation

Karachi: Senior leadership from Mastercard and The Bank of Punjab (BOP) met in Karachi to reaffirm and expand their strategic alliance to support Pakistan’s transition towards a cashless, digitally connected, and financially inclusive economy.

Ms. Ailish Campbell, Executive Vice President – Public Sector, headed the Mastercard delegation, which also comprised Mr. Arslan Khan, Country Manager – Pakistan, and Mr. Jibran Jamshad, Director – Business Development. The BOP delegation was led by Mr. Zafar Masud, President & CEO, and included Mr. Nofel Daud, Chief Digital Officer, Mr. Raza Bashir, Chief of Staff & Strategy, Mr. Qasim Nadeem, Group Head – Treasury & Financial Institutions, and Mr. Rai Usman, Head of Cards.

Building on a long-standing and successful collaboration, the two organizations discussed strengthening their relationship to support Pakistan’s digital economy through financial inclusion, transit payments, digital government disbursements, and cross-border remittances. A significant part of the talks focused on promoting greater acceptance and usage of secure digital payment solutions across consumers, merchants, businesses, and government institutions through innovative card-based solutions, e-commerce, contactless transactions, and next-generation payment technologies.

The meeting participants also reviewed the collaboration’s success in supporting the Government of Punjab’s flagship development and financial inclusion initiatives by expanding access to formal financial services. The CM Punjab Asaan Karobar Card, CM Punjab Kissan Card, and CM Punjab Livestock Card, Mastercard-enabled debit and credit cards issued by BOP, have helped deliver secure, transparent, and scalable financing to entrepreneurs, farmers, and livestock owners across the province. BOP also highlighted its implementation of the Ramzan Nigehban Program, which provided financial assistance via Mastercard-enabled debit cards, demonstrating how digital payment mechanisms can enhance transparency, operational efficiency, and the beneficiary experience while reducing reliance on cash-based disbursements.

Recognizing the growing importance of smart, easy-to-access mobility, Mastercard and BOP are also collaborating to digitize the largest transit program, covering 13 cities in Punjab, enabling commuters to make seamless contactless fare payments using bank-issued cards. The initiative aligns with Pakistan’s broader vision of developing modern, integrated, and cashless transport systems. In addition, the meeting explored opportunities to strengthen collaboration in cross-border payments and remittances, leveraging Mastercard’s global network, together with BOP’s growing presence in international payments, to improve convenience, accessibility and efficiency for overseas Pakistanis and their families.

Speaking on the occasion, Mr. Zafar Masud said:

“Our collaboration with Mastercard has already demonstrated the transformative role digital payments can play in supporting financial inclusion, government service delivery, and economic development. Together, we have enabled some of Punjab’s largest digital financing and social support initiatives. As we look ahead, we see significant opportunities to expand our collaboration in building a cashless economy, modernizing payment infrastructure, strengthening remittance ecosystems, and providing innovative solutions that create lasting value for citizens, businesses, and governments.”

Ms. Ailish Campbell said:

“As Pakistan paves the way for the future of payments with clarity, conviction, and institutional strength, Mastercard is proud to collaborate with BOP to help advance the nation’s digital transformation efforts. By combining our global expertise and secure payment technologies with robust public sector partnerships, we can contribute to shaping a prosperous and resilient digital economy where everyone can thrive.”

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