The Punjab Information Technology Board (PITB) has signed a significant agreement with the Bank of Punjab (BOP) to strengthen the capabilities of PayZen, a digital payment platform designed to streamline collection processes across Punjab. The memorandum of understanding (MoU) was signed by PITB Director of Development & Procurement Ata ur Rehman and BOP Chief Digital Officer Nofel Daud on behalf of their respective organizations.
The event was attended by key officials from both sides, including PITB Chief Financial Officer Nadia Riaz, Joint Director of PayZen Syed Ijlal Hussain, BOP Head of Digital Banking Imran Ashraf, and Head of Fintech & Innovation Ijaz Shaukat. Under the agreement, BOP will serve as the partner bank for PayZen, providing seamless financial services that include instant payments, QR code facilities, internet payment gateway (IPG) services, and full API integration with the platform.
PITB Chairman Faisal Yousaf highlighted the importance of this collaboration, stating that the partnership with BOP would significantly enhance PayZen’s digital payment capabilities. He emphasized that enabling secure and instant payments aligns with the broader goals of Punjab’s digital transformation and financial inclusion initiatives. By leveraging the banking infrastructure of BOP, PayZen aims to make digital transactions more accessible and efficient for government departments, businesses, and citizens alike.
Developed by PITB, PayZen is a web-based platform that allows users to digitize their collection processes through multiple channels. These channels include mobile banking apps, ATMs, debit and credit cards, TCS offices, and branchless banking operators. By integrating a wide range of digital payment options, PayZen simplifies transaction management while providing real-time reporting and reconciliation for both government entities and private organizations.
The collaboration between PITB and BOP reflects a growing trend in Pakistan’s fintech ecosystem, where government institutions are increasingly partnering with banks to expand digital financial services. With features like instant payments, QR code scanning, and comprehensive API support, PayZen positions itself as a versatile solution for both routine and complex payment operations.
Industry experts believe that the integration of BOP’s banking infrastructure into PayZen will accelerate digital adoption across Punjab. This is particularly significant for small businesses and public sector departments that require efficient and secure payment mechanisms. By offering multiple channels for payment collection, the platform reduces reliance on cash transactions, increases transparency, and strengthens overall financial governance.
In addition to its technical capabilities, PayZen serves as a key tool for promoting financial literacy and inclusion. The platform ensures that even users with limited banking experience can complete digital transactions with ease. This aligns with Punjab’s broader objective of creating a more connected, technologically enabled, and financially inclusive society.
The PITB-BOP agreement marks a pivotal step in modernizing payment systems in the region. With the combination of government support, innovative fintech solutions, and strong banking infrastructure, PayZen is expected to become a leading platform for secure, instant, and accessible digital payments across Punjab.
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