Domestic payment scheme launched by Meezan Bank in Pakistan
Meezan Bank has partnered with 1Link Guarantee, it is an interbank payment service, which helps to issue the PayPak branded debit card all over the nation. PayPak is titled as the first domestic payment scheme, which aims to assist the people with an indigenous alternative to make an international payment. The Deputy CEO of Meezan Bank, Ariful Islam said “Inshallah, the payment industry will inevitably develop in Pakistan.”
Meezan stated that PayPak had improved access to ATMs and various point of sales terminals POS, which will complement the objective of the government to bring greater financial inclusion in Pakistan.
11Link Guarantee is operated by a consortium of 11 banks and helps to provide assistance for the online banking services such as interbank funds transfer, ATM switching, bills payment, change dispute resolution, global payment schemes, and fraud risk management.
Talking about the Meezan Bank, it uses Temenos T24 banking system, which is used by Temenos customers. The service is available in 10 countries. Others include Soneri Bank, which offers NDC as system integrator, JS Bank, Bank Alfalah, Allied Bank and NIB Bank. Meezan also teamed with Mastercard for the launch of Pakistan first card solution. The first card solution is also contactless.
The card system is a safer and convenient payment solution that allows the customers to use the latest technology. The solution is efficient and eliminates the card cloning as well as skimming.