Electronic Money Institution barq PK has officially joined the 1LINK network as an affiliate member, securing the Bank of Punjab as its primary settlement bank. Under this newly established integration, barq PK connects directly to Pakistan’s core digital payment rails and infrastructure. Operating with in-principle approval from the State Bank of Pakistan under the Electronic Money Institutions framework, the emerging fintech provider is positioning itself to expand accessible digital financial services across the country. The integration enables barq PK to leverage 1LINK’s suite of payment technologies and value-added solutions to power its digital wallet architecture and deliver seamless financial experiences to retail consumers and merchant networks.
Through its connection to the 1LINK switch, barq PK gains access to essential payment rails that underpin the domestic financial ecosystem. These services include domestic PayPak card issuance, real-time interbank funds transfers via 1IBFT, unified utility and bill collections through 1BILL, and card personalization services. PayPak enablement allows barq PK to issue physical and virtual debit cards under Pakistan’s national payment scheme, fostering localized digital payment adoption. Meanwhile, 1IBFT connectivity provides account holders with instant, round-the-clock money transfer capabilities across participating commercial banks, microfinance institutions, and digital wallets nationwide. The integration of 1BILL further simplifies consumer payments by aggregating utility bills, government dues, educational fees, and commercial invoices onto a single platform.
The formal agreement was finalized during a signing ceremony attended by leadership teams from all three organizations. Key participants included Mansoor Mehboob Chaudhry, Chief Executive Officer of barq PK, Najeeb Agrawalla, Chief Executive Officer of 1LINK, and Ijaz Shaukat, Head of Digital Fintech and Innovation at the Bank of Punjab. The ceremony marked a major milestone in strengthening operational links between traditional commercial banking institutions, major switch operators, and agile electronic money platforms. Executive representatives highlighted that cross-sector collaboration remains essential for scaling financial inclusion, reducing cash dependency, and building resilient digital channels in accordance with national regulatory priorities.
As the designated settlement bank, the Bank of Punjab plays a pivotal role in backing barq PK on the 1LINK clearing network. Commercial settlement banks serve as the financial backbone for non-bank fintech entities and Electronic Money Institutions, facilitating intraday clearing, net transaction settlements, and regulatory compliance requirements set forth by the central bank. By extending its clearing capabilities and digital infrastructure to barq PK, the Bank of Punjab continues its ongoing strategy of acting as an institutional catalyst for fintech growth and financial innovation across Pakistan.
The onboarding comes at a time when the State Bank of Pakistan is accelerating efforts to modernize national payment systems, encourage branchless banking, and broaden access to formal financial tools. Electronic Money Institutions operate under flexible regulatory structures designed to encourage digital account creation, streamline consumer onboarding, and offer low-cost transaction channels. By connecting with established platforms like 1LINK, digital wallet providers can bypass the need to construct standalone payment networks, relying instead on shared national switches to deliver instant interoperability.
Industry experts observe that partnerships connecting digital wallets, payment switch operators, and commercial settlement banks are instrumental in expanding Pakistan’s cashless ecosystem. The integration gives barq PK the necessary technical foundation to scale its operations rapidly once full commercial readiness is achieved. Looking ahead, the rollout of PayPak payment cards, instant fund transfers, and integrated bill payment capabilities is expected to provide users with a secure and efficient digital alternative to conventional cash transactions, furthering the broader goal of digital economic transformation across the country.
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