Mastercard and UPaisa Partner to Launch New Debit Card, Boosting Pakistan’s Digital Economy
In a major push to advance Pakistan’s digital economy, Mastercard has joined forces with UPaisa, the digital financial services arm of U Microfinance Bank and Ufone 4G, to launch a new physical and virtual debit card.
This partnership is designed to provide consumers with a secure, convenient, and seamless way to perform digital transactions both locally and internationally.
The newly launched UPaisa debit card is now available to all platform users, enabling them to shop online with more than 7,500 merchants in Pakistan, while also being accepted at Mastercard’s extensive global network of over 100 million locations. Additionally, consumers can use the card at more than 120,000 point-of-sale (POS) machines nationwide and withdraw cash from 18,000 ATMs across Pakistan.
With advanced security features, UPaisa wallet users will benefit from quicker and more efficient transactions while enjoying the global accessibility provided by Mastercard. This initiative is set to play a key role in reshaping Pakistan’s payment landscape by fostering greater digital and financial inclusion.
Mastercard’s Vision for a Digital Economy
Speaking on this collaboration, Muhammad Nana, Senior Vice President of Digital Partnerships, EEMEA at Mastercard, expressed the significance of the partnership: "Our collaboration with UPaisa aligns with our shared objective of supporting Pakistan's shift towards a digital economy. In accordance with Vision 2025, the introduction of this debit card will help modernize Pakistan’s payment ecosystem, delivering secure, convenient, and seamless experiences for consumers powered by cutting-edge technology."
U Microfinance Bank, a subsidiary of Pakistan Telecommunication Company Limited (PTCL), is the issuer of the new card, providing consumers and businesses in 32 countries across the Middle East, Asia, and Africa access to a wide range of innovative technologies and user-friendly solutions.
Bridging the Digital Divide
Syed Atif Raza, Chief Marketing Officer of PTCL and Ufone 4G, highlighted the role of this partnership in driving financial inclusion: “The UPaisa debit card, in collaboration with Mastercard, reflects our commitment to enhancing the digital banking experience through accessible and innovative financial solutions. We are continuously expanding our digital ecosystem to meet the evolving needs of our customers, while working to include more Pakistanis in the digital financial fold for their socioeconomic well-being."
About UPaisa
UPaisa is one of Pakistan’s leading mobile financial services platforms, offering a wide range of services such as money transfers, bill payments, mobile top-ups, and cardless ATM withdrawals. With a focus on providing affordable, accessible, and convenient financial services, particularly to underserved or unbanked communities, UPaisa aims to empower Pakistanis by giving them financial tools that improve their social and economic prospects.
This partnership between Mastercard and UPaisa marks a significant milestone in Pakistan’s journey to modernize its financial infrastructure, bringing the nation closer to achieving its Vision 2025 goals for a thriving digital economy.
