The Punjab Information Technology Board (PITB) has signed a significant agreement with the Bank of Punjab (BOP) to enhance digital payment solutions under the PayZen platform, marking a key milestone in Punjab’s digital transformation journey. The Memorandum of Understanding (MoU) was signed by PITB Director of Development and Procurement Ata ur Rehman and BOP Chief Digital Officer Nofel Daud, representing their respective organizations. The signing ceremony also witnessed the presence of PITB Chief Financial Officer Nadia Riaz, Joint Director of PayZen Syed Ijlal Hussain, BOP Head of Digital Banking Imran Ashraf, and Head of Fintech & Innovation Ijaz Shaukat.
Under the terms of the agreement, the Bank of Punjab will act as PayZen’s partner bank, enabling seamless collection and reporting functionalities. The collaboration will facilitate instant payments, QR code payment solutions, IPG (Internet Payment Gateway) services, and comprehensive API integration, providing a robust backbone for the digital payment ecosystem. The partnership aims to make transactions more efficient, secure, and accessible across multiple channels, reinforcing Punjab’s push towards financial inclusion and digitalization.
PITB Chairman Faisal Yousaf emphasized the strategic importance of this partnership, stating, “This collaboration with the Bank of Punjab will enhance PayZen’s digital payment capabilities. By enabling secure and instant payments, we aim to support Punjab’s broader digital transformation and financial inclusion goals.” The statement reflects the government’s commitment to leveraging technology for improving public financial services and creating a seamless digital payment infrastructure in the region.
PayZen, developed by PITB, is a web-based platform designed to digitize collection processes for users through various channels. These include mobile banking applications, ATMs, debit and credit cards, TCS offices, and branchless banking operators. The platform is intended to simplify payment collections, reduce dependency on manual processes, and provide real-time reporting and reconciliation features, making it a comprehensive solution for both government and private sector users.
With the integration of BOP’s digital banking services, PayZen is set to offer a smoother experience for users, enabling instant fund transfers, QR-based payments for merchants and service providers, and API-based connectivity for organizations to manage their financial transactions efficiently. This partnership is also expected to drive wider adoption of cashless transactions in Punjab, aligning with national efforts to increase digital payment penetration and reduce reliance on cash.
The agreement underscores the growing importance of fintech partnerships between public sector technology boards and banks to drive innovation in digital payments. By combining PITB’s technology capabilities with BOP’s banking expertise, PayZen is poised to become a central tool in Punjab’s digital economy, supporting both government revenue collection and citizen-centric payment solutions.
This collaboration is part of a broader vision to modernize financial services, increase transparency, and promote financial inclusion across the province. With secure, instant, and easily accessible payment channels, PayZen is positioned to transform how individuals and organizations interact with digital financial systems in Pakistan.
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