Mastercard (NYSE: MA) has joined forces with the Bank of Punjab (BOP) as a partner to enhance the bank’s proposition across consumer debit and credit, affluent portfolio and loyalty offerings.
The collab seeks to transform the banking institution’s digital ecosystem and its customers’ digital experience.
Customers of BOP’s “priority” banking program KHAAS will now aim to tae advantage of Mastercard’s World and World Elite cards.
The bank will expand into affluent segments with revised customer value propositions (CVP) and products, aiming to establish KHAAS as the country’s preferred “priority program for affluent and high-net-worth individuals (HNIs).”
The collab will see the launch of Islamic credit cards to “address the high demand for Islamic banking payment solutions in Pakistan.”
In addition, BOP will introduce an enterprise-wide loyalty program using Mastercard’s global expertise, Pay with Rewards and Mastercard Rewards Solutions, cutting “across multiple products and segments.”
Pay with Rewards is a digital experience that gives cardholders the freedom to spend loyalty points “like cash at the time of purchase for instant, seamless rewards redemption.”
Finally, the partners will work to improve BOP’s mobile app digiBOP’s user interface (UI) and user experience (UX), leveraging Mastercard Digital Spark Lab, an immersive innovation platform “that combines the latest digital technologies, design thinking and UX expertise. ”
Other areas of collaboration include transit payments, Mastercard Gateway and low-cost acceptance.
Mastercard and BOP have partnered on the Kissan Card, a government-issued tool that offers small farmers interest-free loans through Mastercard credit cards, who will “transact digitally with agri-dealers through Mastercard’s low cost Tap-on-Phone acceptance solutions.”
Moreover, Livestock card has been launched which reportedly offers “interest free financing for small farmers based on the livestock available.”
These are key initiatives in the agriculture space improving “digitization of Pakistan’s agriculture ecosystem.”
Nofel Daud, Chief Digital Officer, BOP said:
“The collaboration will reinforce our position as Pakistan’s fastest-growing digital bank focused on innovation, best-in-class products, customer experience and digital solutions.”
Arslan Khan, Country Manager, Pakistan and Afghanistan, Mastercard said:
“At Mastercard, we are committed to harnessing the power of partnerships to support Pakistan’s digital transformation and economic growth. Collaboration with BOP, our key ecosystem partner enables us to jointly launch new initiatives to drive financial inclusion, digitize payment flows and provide greater financial access to under-served segments.”
Mastercard and BOP have been in a long-standing partnership.
Last year, the firms launched a freelancer digital account and card, catering to the needs of gig workers in the IT sector, in collaboration with the Pakistan Software Export Board (PSEB).
Earlier this year, BOP became the “first” bank in Pakistan to issue Mastercard SME cards, addressing the challenges faced by the country’s MSMEs and freelancers.
BOP supports Mastercard’s Strive Women program that aims to “improve financial access for women entrepreneurs in Pakistan.”
As covered, Mastercard powers economies and empowers “people in 200+ countries and territories worldwide.”
Together with customers, they are focused on “building a sustainable economy where everyone can prosper.”
They aim to support a wide range of digital payments choices, “making transactions secure, simple, smart and accessible.”
Their technology and innovation, partnerships and networks combine to deliver a set of products and services that aim to “help people, businesses and governments realize their greatest potential.”