In a major development for Pakistan’s financial sector, United Bank Limited (UBL) has announced a strategic partnership with Euronet Pakistan, a division of Euronet Worldwide (NASDAQ: EEFT), for enhanced credit card processing and point-of-sale (POS) terminal services. The collaboration aims to migrate UBL’s credit card systems and POS terminals to Euronet’s secure, PCI-compliant infrastructure, which will offer consolidated card management, tokenization, and acquiring services. This partnership is set to deliver a more efficient and innovative payment experience for UBL’s customers, significantly improving Pakistan’s financial ecosystem.
This agreement marks a pivotal step in UBL’s strategy to provide state-of-the-art card and payment solutions to its customers. As part of the partnership, all UBL credit cards and POS terminals will be integrated into Euronet’s application and infrastructure, which is fully compliant with the Payment Card Industry Data Security Standard (PCI-DSS). This move, executed within Pakistan’s data center facilities, guarantees the highest levels of security and operational efficiency for processing card payments and managing transactions. Furthermore, the deal outlines a fully outsourced and managed services model, which includes advanced features like consolidated card management, tokenization, and acquiring services.
The partnership promises to streamline UBL’s operations while enhancing the customer experience by delivering faster, more secure transactions. This collaboration is set to improve the reliability of UBL’s card and payment services, ensuring that the bank can scale its offerings to meet the growing demand for digital payments in Pakistan. The service level guarantees and processing uptimes stipulated in the agreement are also designed to optimize UBL’s business propositions, enabling the bank to offer seamless payment solutions to its customers.
The formal signing ceremony for the partnership was attended by senior executives from both organizations. Mr. Muhammad Anas, the Head of Consumer Banking at UBL, and Mr. Kashif Gaya, the CEO of Euronet Pakistan, led the proceedings. Other key figures at the event included Mr. Sohail Awan, UBL’s Chief Information Officer (CIO), and Mr. Sharjeel Shahid, the Group Executive of Digital Banking at UBL. During the ceremony, Mr. Anas expressed his confidence in the partnership’s ability to drive innovation in Pakistan’s financial services sector. He highlighted UBL’s commitment to delivering secure, innovative, and streamlined card payment solutions to its customers, with a focus on improving user experiences and providing cutting-edge technology.
In response, Mr. Kashif Gaya, CEO of Euronet Pakistan, conveyed his excitement about the opportunity to work with UBL, one of the largest and most prominent banks in Pakistan. He emphasized Euronet’s dedication to utilizing its global expertise and innovative solutions to offer exceptional service and reliability, ensuring that both UBL and its customers benefit from a seamless and secure payment experience.
This partnership represents a significant milestone in the evolution of Pakistan’s financial services industry. With Euronet Pakistan’s advanced technology and UBL’s vast customer base, the collaboration promises to enhance card issuance, payment acceptance, and processing services across the country. By leveraging global best practices and cutting-edge solutions, UBL and Euronet are set to usher in a new era of innovation in Pakistan’s card payment and processing sector, paving the way for more secure, efficient, and customer-friendly financial services.