Karachi: In a significant move to enhance the digital payments infrastructure in Pakistan, Mastercard in collaboration with UPaisa, a service by U Microfinance Bank and Ufone 4G, has launched a new debit card. This development is set to transform how consumers and businesses handle transactions both locally and globally.

According to Ufone 4G announcement issued on 09 Sep 2024, the newly introduced debit card, which is available in both physical and virtual formats, promises to simplify and secure online shopping with over 7,500 online merchants in Pakistan and international sites where Mastercard is accepted. Additionally, cardholders can access more than 120,000 POS terminals and withdraw cash from over 18,000 ATMs across the nation. UPaisa wallet users will benefit from enhanced security features, speedy transactions, and inclusion in the global Mastercard network, which boasts over 100 million acceptance locations worldwide.

Muhammad Nana, Senior Vice President of Digital Partnerships at Mastercard EEMEA, emphasized that this initiative aligns with Pakistan’s Vision 2025 for a digital economy, aiming to revolutionize the country’s payment landscape while offering safe and convenient user experiences. Meanwhile, Syed Atif Raza, Chief Marketing Officer at PTCL and Ufone 4G, highlighted the card as a step towards improving the digital banking experience and expanding financial inclusion in Pakistan, particularly for underserved communities.