Faysal Bank Limited (FBL) has announced a groundbreaking partnership with Mastercard, a global leader in payment technology, and 1LINK, Pakistan’s premier domestic payment network, to launch a Shariah-compliant co-badged debit card. This collaboration represents a significant milestone in the ongoing digital transformation of Pakistan’s financial landscape, as it introduces a new payment solution that combines the benefits of both domestic and international payment systems.
The official signing of the Memorandum of Understanding (MoU) took place at Faysal Bank’s Head Office in Karachi, with senior executives from all three organizations in attendance. These included Mr. Yousaf Hussain, President and CEO of FBL; Mr. Aneeq Malik, Group Head of Consumer Finance at FBL; Mr. J.K. Khalil, Executive Vice President and Divisional President of Mastercard; Mr. Arslan Khan, Country Manager for Pakistan at Mastercard; and Mr. Najeeb Agrawalla, CEO of 1LINK.
The introduction of the PayPak-Mastercard co-badged debit card is a step towards providing consumers with more convenient, secure, and flexible payment options. This innovative card will enable Faysal Bank’s account holders to access both domestic and international payment networks, offering them a seamless experience for conducting transactions within Pakistan as well as across the globe. The card is designed to cater to the growing demand for Shariah-compliant financial products, ensuring that customers can carry out their transactions in accordance with Islamic principles.
With this initiative, Faysal Bank continues to demonstrate its commitment to innovation and customer-centric solutions. The partnership with Mastercard and 1LINK not only highlights the bank’s focus on enhancing the digital payments ecosystem but also strengthens its position as a key player in the Islamic banking sector. The co-badged card is set to deliver a new level of convenience, allowing users to benefit from the advanced security protocols and global reach of Mastercard, while also taking advantage of the cost-effective local payment infrastructure provided by PayPak and 1LINK.
The strategic alliance between Faysal Bank, Mastercard, and 1LINK is more than just a product launch—it is a testament to the shared vision of these organizations to advance Pakistan’s digital financial infrastructure. By integrating Mastercard’s global expertise in payment technology with the local capabilities of 1LINK, the partnership aims to drive digital growth and foster financial inclusion across the country.
For Mastercard, this collaboration is part of its broader efforts to support Pakistan’s financial sector by enabling secure and efficient digital transactions. “Mastercard is excited to be part of this significant initiative with Faysal Bank and 1LINK. This co-badged debit card will not only provide a secure and seamless payment experience but will also help pave the way for financial inclusion in Pakistan,” said Mr. J.K. Khalil, Executive Vice President at Mastercard.
1LINK, as Pakistan’s largest domestic payment switch, will play a pivotal role in ensuring that the cardholders enjoy efficient and cost-effective local transactions. According to Mr. Najeeb Agrawalla, CEO of 1LINK, “This partnership brings us closer to our goal of creating a fully digital, cashless economy in Pakistan. By offering co-badged cards, we are making it easier for consumers to access secure, efficient payment options, both locally and internationally.”
The PayPak-Mastercard co-badged debit card is expected to appeal to a broad range of customers, particularly those who prioritize Shariah-compliant financial products. Faysal Bank’s account holders will have access to a world-class digital payment system that provides added flexibility and security, whether they are shopping locally or making international transactions.
Moreover, the card’s dual functionality—allowing access to both domestic and international payment networks—ensures that users get the best of both worlds. For local transactions, customers will benefit from the low-cost, highly secure PayPak system, while for international transactions, they can rely on the widespread acceptance and robust security features of Mastercard. This combination will provide customers with a seamless, cost-effective, and secure payment experience.
Faysal Bank’s partnership with Mastercard and 1LINK is a major step forward in Pakistan’s journey toward a more digitized and inclusive financial system. As the country continues to embrace digital financial solutions, such partnerships are crucial in bridging the gap between traditional banking systems and modern digital payment methods. This collaboration not only strengthens the position of Faysal Bank in the digital finance space but also supports the broader goals of financial inclusion and economic development in Pakistan. With the launch of this innovative co-badged debit card, Faysal Bank, Mastercard, and 1LINK are collectively shaping the future of digital payments in the country, paving the way for a cashless economy and greater financial accessibility for all.