In a landmark move for Pakistan’s digital payments landscape, Allied Bank Limited (ABL), in collaboration with UnionPay International (UPI) and Paysys Labs, has officially launched Mobile Tap-and-Pay functionality for UPI-PayPak Co-Badge Debit Cards. This initiative marks a major milestone in the journey toward secure, contactless, and user-friendly financial transactions, as it incorporates cutting-edge tokenization technology to safeguard users’ sensitive payment information.
The partnership between the three institutions reflects a strategic push toward elevating the country’s digital banking ecosystem. As one of the largest issuers of UnionPay-PayPak Co-Badge debit cards in Pakistan, Allied Bank is uniquely positioned to scale this technology to a broad base of customers. With the rollout of this new service, ABL cardholders can now make secure and seamless Mobile Tap-and-Pay transactions using their mobile devices, setting a new standard in everyday payment convenience.
Tokenization, the backbone of this initiative, replaces sensitive cardholder data with unique, randomly generated tokens. These tokens act as surrogates during transactions, significantly reducing the risk of data theft and fraud. The integration of tokenization not only strengthens transaction security but also enhances customer confidence in adopting mobile payment solutions.
The launch event was held at the Paysys Labs Head Office in Karachi, bringing together leadership from Allied Bank, UnionPay International, and Paysys Labs to commemorate the partnership and celebrate this technological advancement. The presence of key executives underscored the importance of this collaboration for the future of digital finance in Pakistan.
Mr. Muhammad Kamran Zeb, Group Head of Cards & Acquiring Business at Allied Bank, highlighted the significance of the collaboration. “This partnership marks a pivotal step forward in Pakistan’s digital payment ecosystem. By adopting tokenization technology, Allied Bank reaffirms its commitment to innovation and customer-centric solutions,” he said.
Echoing this sentiment, Mr. Nadeem Haroon, Country Head UPI Pakistan, emphasized UnionPay International’s role in accelerating digital transformation across emerging markets. “UnionPay International is proud to support Pakistan’s digital transformation journey. With HCE tokenization technology, we are enabling a safer and more efficient payment environment for customers,” he remarked.
Adding to the discourse, Mr. Karim Jindani, CEO of Paysys Labs, stated, “At Paysys Labs, we are dedicated to empowering digital payment systems with the latest technologies. This collaboration will elevate the payment experience for users while ensuring the highest standards of security.”
Allied Bank Limited continues to lead the charge in tech-driven financial services, with a national presence of over 1,500 online branches and 1,650 ATMs. Its commitment to innovation is reflected in partnerships like this, aimed at offering customers secure and modern banking experiences.
Paysys Labs, a homegrown pioneer in payment technology, is playing a crucial role in transforming digital financial services in Pakistan. With solutions ranging from digital wallets to secure payment gateways, Paysys remains at the forefront of fintech innovation in the region.
UnionPay International, a global leader in payment card services, is contributing its robust infrastructure and international expertise to this endeavor. With a presence in 183 countries and support from over 2600 institutions worldwide, UPI’s global influence complements the local insight of Allied Bank and Paysys Labs, creating a partnership with the potential to redefine mobile payments in Pakistan.
This collaborative initiative not only introduces a secure, contactless payment experience but also sets a benchmark for future advancements in Pakistan’s fintech space, where security, convenience, and technology come together to create lasting value for consumers.
