Dubai, UAE: Mastercard and UPaisa – a digital and financial app by U Microfinance Bank and Ufone 4G – have launched a new physical and virtual debit card, advancing the digital payments landscape in Pakistan. Consumers can now benefit from a hassle free and secure way to shop online with over 7,500 online merchants in Pakistan and wherever Mastercard is accepted globally.

Furthermore, consumers can use more than 120,000 POS in-store machines and withdraw cash from more than 18,000 ATMs nationwide. UPaisa wallet users can also enjoy enhanced security features, and fast and convenient transactions while becoming part of the global Mastercard network that has access to over 100 million acceptance locations internationally.

“Our collaboration with UPaisa, builds on our common goals of supporting Pakistan’s increasing shift towards a digital economy. In line with the objectives of the country’s Vision 2025, the launch of this new debit card will support the transformation of Pakistan’s payments landscape while enabling seamless, safe and convenient consumer experiences, powered by advanced technology,” said Muhammad Nana, Senior Vice President, Digital Partnerships, EEMEA, Mastercard.

Mastercard’s partnership with U Microfinance Bank - a wholly owned subsidiary of Pakistan Telecommunication Company Limited (PTCL), and the issuer of the new card - will enable consumers and businesses in 32 countries, across the Middle East, Asia, and Africa benefit through a variety of new technologies and user-friendly experiences.

"The UPaisa debit card in partnership with Mastercard is a testament to our sustained commitment in improving the digital banking experience through innovative and user-friendly financial solutions. We continue to scale our digital ecosystem to respond effectively to the evolving digital and financial needs of our customers, in addition to bringing more Pakistanis under the umbrella of digital and financial inclusion to promote their socioeconomic wellbeing,” said Syed Atif Raza, Chief Marketing Officer, PTCL and Ufone 4G.

UPaisa is one of the leading mobile financial services platforms in Pakistan that provides a range of financial services, such as money transfers, bill payments, mobile top-ups, and ATM cardless cash withdrawals. The app also provides accessible, affordable, and convenient financial services especially to those who are underserved or unbanked so they can access opportunities for their social and economic growth and prosperity.

About Mastercard

(NYSE: MA) www.mastercard.com

Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart, and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.

Mastercard Communications Contact: Halima Islam, halima.islam@mastercard.com

About PTCL Group:

Pakistan Telecommunication Company Limited (PTCL), the largest integrated Information Communication Technology (ICT) company in Pakistan, offers an extensive range of communication solutions. As a leader in digital and telecommunication technologies, PTCL serves as the backbone of Pakistan’s communication infrastructure with its expansive fiber optic network and international submarine cable links. The group provides individual consumers with high-speed broadband internet under the brand name Flash Fiber, Shoq TV (IPTV), and over-the-top (OTT) applications. PTCL has been assigned initial long-term entity rating of ‘AAA’ (Triple A) and short-term rating of ‘A-1+’ (A-One Plus). For more information, visit www.ptcl.com.pk

Ufone 4G, a subsidiary of PTCL, enhances these offerings with widespread cellular voice and data coverage across Pakistan. For more information, visit www.ufone.com

Additionally, U Microfinance Bank (UBank), another subsidiary, extends financial services through a comprehensive network of branches and branchless banking solutions via UPaisa.

About U Microfinance Bank:

U Microfinance Bank Ltd. (U Bank) is a wholly-owned subsidiary of Pakistan Telecommunication Company Limited (PTCL) – e& Group (formerly known as Etisalat Company). The bank has a network of more than 375 branches, across 210 cities and rural areas in Pakistan and offers a wide range of microfinance loans, deposit products, Islamic Banking and branchless banking solutions. U Bank’s branchless banking offers services under the banner of UPaisa in collaboration with Ufone (Pak Telecom Mobile Limited).