Karachi, Pakistan – March 26, 2025: In a groundbreaking development for Pakistan’s banking sector, BankIslami has successfully launched the country’s first-ever cheque encashment service using Cash & Cheque Deposit Machines (CCDMs), powered by TouchPoint’s cutting-edge digital platform, QMatch. This pioneering solution enables customers to instantly encash their cheques without the need to visit a branch, offering significant improvements in both time efficiency and overall convenience for users. By leveraging this innovative platform, BankIslami aims to provide a faster, more secure, and seamless banking experience that eliminates the traditional bottlenecks associated with cheque encashment.
QMatch, the powerful platform behind this transformative service, has revolutionized cheque encashment by enabling real-time processing that is both secure and efficient. The integration of advanced financial technologies through QMatch ensures that customers’ cheque transactions are processed smoothly and instantaneously, setting a new benchmark for digital banking in the country. This development not only streamlines the process for customers but also aligns with the broader digital transformation initiatives currently sweeping through the Pakistani banking industry.
Ashfaque Ahmed, the Chief Information Officer (CIO) of BankIslami, shared his thoughts on this major milestone, emphasizing the strategic importance of moving towards digital banking. According to Ahmed, this initiative is a key step in enhancing the accessibility, security, and operational efficiency of the banking sector. With QMatch’s advanced transaction processing and verification capabilities, BankIslami can now offer customers a reliable and faster alternative to the conventional cheque encashment process. This service is expected to play a pivotal role in shaping the future of Pakistan’s banking ecosystem, marking a significant leap towards fully digitalized financial services.
The launch of this cheque encashment service also highlights the growing trend of “phygital” banking in Pakistan, where physical and digital banking services are seamlessly integrated to offer customers enhanced user experiences. TouchPoint’s consistent commitment to innovation in self-service banking solutions has been instrumental in driving this shift, further solidifying the company’s position as a leader in the financial technology space. The integration of QMatch into BankIslami’s service offering strengthens Pakistan’s move toward a more technology-driven banking environment, offering customers a cutting-edge solution for their financial needs.
TouchPoint, a Karachi-based company that has been at the forefront of self-service banking solutions since its inception in 2007, has been integral to the development of this service. The company specializes in a wide array of hardware and software services, including ATMs, CCDMs, and Cash Recyclers, which have been deployed across Pakistan to ensure secure, efficient, and accessible banking experiences. With a dedicated team of over 200 consultants and support engineers, TouchPoint provides end-to-end solutions, from hardware and software to security systems, that facilitate seamless banking operations nationwide, even in the most remote areas of the country.
TouchPoint’s vision of a future where banking solutions are as simple as a “tap and touch” aligns with the company’s continued efforts to innovate and adapt to the evolving digital landscape. By focusing on fintech innovations and the development of user-friendly platforms like QMatch, TouchPoint is helping to pave the way for a new era of banking in Pakistan—one that prioritizes efficiency, security, and customer convenience.
This latest collaboration between TouchPoint and BankIslami represents a major milestone in Pakistan’s banking evolution, setting the stage for further advancements in the digital banking sector. As the financial landscape continues to evolve, initiatives like these will play a crucial role in enhancing access to banking services, empowering customers, and driving the country’s digital transformation in the years to come.