Daily Times

Mastercard and the Bank of Punjab (BOP) have expanded their partnership to cover the commercial segment, ranging from large corporate entities and Small and Medium Enterprises (SME) to freelancer and gig workers.

BOP will become the first bank in Pakistan to issue Mastercard BusinessCards® for SMEs, offering a range of solutions designed to cater to the country’s 5.2 million-strong SME market. BoP has also launched the first Foreign Currency Business Debit Card, enabling more than 2.5 million freelancers to digitize their payments. By facilitating a shift from cash to digital payments, BOP is not only revolutionizing the SME sector, but also promoting financial inclusion in Pakistan’s burgeoning gig economy.

The extended partnership will also see the introduction of the Mastercard Corporate Card, which will offer larger businesses a customized, flexible and secure digital payment solution to manage employees’ travel, entertainment and procurement expenses, with a high level of expense visibility. This will enable Corporates to manage payments more efficiently and reduce friction in making B2B payments.

“Building on a market legacy that spans over two decades, Mastercard collaborates with our partners to accelerate Pakistan’s digital transformation, drive financial inclusion and fuel its economy. In line with our pledge to bring 50 million SMEs worldwide into the digital economy by 2025, we are harnessing the power of our technology to help businesses of all sizes pay and get paid. The expansion of our partnership with BOP marks a transformative step in modernizing payment methods and making them widely accessible to Pakistan’s businesses and individuals alike,” said Arslan Khan, Vice President and Country Business Manager, Pakistan, Mastercard.

“We are proud to venture into the SME space with Mastercard. In Pakistan, this segment was previously largely neglected, whereas freelancers faced barriers to entry. Extended credit to SME segment is a top priority for BOP, and winning PBA’s Best Bank for SME Awards twice and Best SME Bank Award by Asia Money is a testament to our ambition. Similarly, we are aggressively marketing our Freelancer offering enabling young IT professionals bring their foreign earnings back home conveniently. Our extended collaboration will enable us to tackle the cash flows challenges being faced by SMEs and provide seamless payment services for the nation’s businesses,” said Nofel Daud, Group Head Strategy and Strategic Initiatives, BOP.

Mastercard and BOP have enjoyed a long-standing productive partnership. Most recently, the two leaders 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.