Payments technology leader Mastercard has announced a partnership with Silkbank to expand credit card issuance in Pakistan, which will help increase the purchasing power and accelerate digital payment adoption in the market.
The collaboration will see Silkbank rolling out innovative new credit card programs for consumers in Pakistan. Silkbank will be able to reach more customers through Mastercard’s network, technology, and insights, improving digital access and ultimately delivering safer, simpler, and smarter payment solutions to more people across the country.
According to the State Bank of Pakistan (SBP), credit cards currently only contribute 3.8 percent towards the total number of payment cards in the country. The potential for growth is further highlighted given SBP’s recent initiative to increase the maximum limit for credit cards per customer.
As an issuer, Silkbank is focusing on driving credit card issuance in the country by providing unmatched service and innovation features to its cardholders.
“As digitization positively transforms the payments landscape in Pakistan, the need for safe, seamless, diversified banking products is increasing. Our partnership with Silkbank will encourage growth in card usage and electronic payments, making transactions more convenient, secure, and efficient for people in the country,” said Atyab Tahir, Country Manager, Pakistan, Mastercard.
“Mastercard is committed to effective collaborations that advance the digital economy and extend payment infrastructure, and we’re delighted to partner with Silkbank to further make this a reality,” he added.
Naveed Mushtaq, Business Head – Credit Cards (Issuance & Acceptance) at Silkbank, added, “The financial services industry is currently going through a rapid transformation as customer expectations evolve in -line with technological advancements. Silkbank has laid paramount importance to digitization and it is one of the cornerstones of our strategy.
“We aspire to become the frontrunners of digital transformation in the country and have been actively engaged in introducing innovative products and services in our quest to transform the way we do business. We continue to actively grow our credit card base by focusing on new consumer segments and engaging value-driven offerings. Our partnership with Mastercard will support our efforts to enable convenient digital payments for our credit card and banking consumers, as well as helping us to roll out new products that meet consumers’ diversified needs,” he added.