HBL Microfinance Bank, 1LINK & Euronet Sign Agreement to Launch Pakistan’s first PayPak Credit Card

HBL Microfinance Bank (HBL MfB), 1LINK (Pvt.) Limited and Euronet Pakistan have signed a landmark tripartite agreement to introduce Pakistan's first PayPak Credit Card, with HBL Microfinance Bank becoming PayPak's inaugural credit card partner.

Key points

• Najeeb Agrawalla, CEO of 1LINK, remarked, Today marks a landmark moment for Pakistan's payments ecosystem with the signing of the agreement for the first PayPak Credit Card.
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• Amir Khan, President & CEO, HBL Microfinance Bank, remarked, At HBL Microfinance Bank, we see access to finance as a way to assist customers move forward with confidence.
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• We are pleased to partner with HBL Microfinance Bank and 1LINK in bringing this significant program to market.

Meanwhile, the agreement was signed by Mr. Amir Khan, President & CEO, HBL Microfinance Bank; Mr. Najeeb Agrawalla, CEO, 1LINK; and Mr. Kashif Gaya, CEO, Euronet. While Euronet will provide the card processing technology platform and implementation backing, under the partnership, HBL Microfinance Bank will matter the PayPak Credit Cards and lead the customer proposition, 1LINK will provide the PayPak payment scheme.

HBL Microfinance Bank intends to introduce the PayPak Credit Card throughout all four variants: Green, Standard, Pink and Edge, designed to provide customers with greater choice and flexibility in session their livelihood needs. This initiative is part of bank's broader intends to introduce both conventional and Islamic PayPak Credit Card offerings, expanding access to innovative credit solutions for microfinance customers throughout Pakistan.

Mr. Amir Khan, President & CEO, HBL Microfinance Bank, remarked, "At HBL Microfinance Bank, we see access to finance as a way to assist customers move forward with confidence. As part of our commitment to expanding access to responsible and innovative financial solutions, we are proud to introduce the microfinance sector's first credit card offering in Pakistan. This partnership intends to provide microfinance customers greater choice, flexibility and convenience in how they access credit and create payments. By combining our customer reach with PayPak's domestic network and Euronet's technology, we are pioneering a new chapter for the microfinance industry, bringing credit card access to a segment traditionally underserved by conventional banking products. This initiative will support backing our customers' livelihood needs while promoting responsible borrowing and greater financial inclusion."

Mr. Najeeb Agrawalla, CEO of 1LINK, remarked, "Today marks a landmark moment for Pakistan's payments ecosystem with the signing of the agreement for the first PayPak Credit Card. This milestone reflects the strength of our domestic payment infrastructure and our commitment to delivering secure, convenient and locally powered payment solutions. We are proud to partner with HBL Microfinance Bank and Euronet to see PayPak continue to evolve and shape the future of payments in Pakistan. This is an significant achievement, and an notable step towards building a stronger, more inclusive and locally driven digital payments ecosystem in Pakistan."

Mr. Kashif Gaya, CEO, Euronet, remarked, "We are proud to backing this landmark PayPak Credit Card initiative as a card processor and the technology partner, bringing Euronet's proven processing capabilities and deep payments expertise to the program. We are pleased to partner with HBL Microfinance Bank and 1LINK in bringing this significant program to market. I would additionally like to congratulate HBL Microfinance Bank on becoming the inaugural partner for PayPak Credit Cards and 1LINK on this occasion."

For context, the partnership brings together HBL Microfinance Bank's reach in microfinance, PayPak's domestic payment network and Euronet's technology capabilities to bring a new locally powered credit card proposition to Pakistan. Ends. Stay Connected with ProPakistani.

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For now, HBL Microfinance Bank, 1LINK & Euronet Sign Agreement to Launch Pakistan's first remains the part of the story worth watching, and further updates are likely as more details are confirmed.