KARACHI: Pakistan is seeking to strengthen its digital payment system and making it cost-effective for the masses, the Pakistani central bank governor said on Tuesday, launching a new “co-badged card.”
The new co-badged card has been introduced by Faysal Bank, in collaboration with Mastercard and Pakistan’s national payment scheme PayPak, marking a key milestone in the country’s journey toward a secure and self-reliant digital payments. Co-badging allows a single card or platform to carry multiple affiliations, enabling access to different networks and services.
Pakistan, which has a largely cash-based economy, has stepped up efforts in recent months to promote digital transactions. Initiatives like co-badged cards, mobile wallets, government-backed digital platforms and cashless markets aim to facilitate seamless e-commerce transactions, improve transparency and integrate with global payment networks.
“Through this initiative, the consumers will be able to make international and e-commerce payments seamlessly, while domestic transactions will be settled within Pakistan thus enhancing efficiency and reducing reliance on external networks,” State Bank of Pakistan (SBP) Governor Jameel Ahmad said at the launch.
He described the newly launched co-badged card as a ‘win-win’ financial product that offers convenience to customers and strengthens the national payments infrastructure.
Ahmad said co-badging is gaining momentum in Pakistan’s digital payments space and Tuesday’s launch followed the introduction of the PayPak–UnionPay co-badged card last month, reflecting a growing trend where Pakistan’s domestic payment scheme is forming strategic alliances with global payment giants.
“Co-badging initiative exemplifies the power of mutually beneficial partnerships in enhancing consumer choice, expanding digital access, and supporting the country’s digital transformation,” he said, expressing hope that more financial institutions will pursue similar collaborations.
