First Women Bank launches Mastercard and PayPak Debit Cards on its TPS payment switch
Karachi, Pakistan – July 2018: On a mission to fulfill business needs of its customers and facilitate financial inclusion of women in Pakistan, the First Women Bank Limited (FWBL) has collaborated with TPS to introduce MasterCard & PayPak Debit Cards to its customers. FWBL leveraged the capabilities inherent in TPS’ card management and transaction switching platform to provide a cashless payment experience to its customers.
With FWBL’s Mastercard Debit Card, customers can conveniently make purchases anywhere within or outside Pakistan without the need of carrying cash around. MasterCard is accepted worldwide at over 40 million locations, including ATMs and POS machines covering a broad range of restaurants, petrol stations, stores and online shops.
As part of the agreement, TPS also enabled the bank to issue FWBL PayPak Debit Card. With PayPak domestic scheme in place, the bank is offering efficient and cost effective banking services to all local currency account holders. One of the key features of this card is direct payment via PIN verification with higher purchase limits, enabling customers to shop & pay at their favorite retail outlets nationwide. FWBL PayPak Debit Card holders can use all 1LINK enabled ATMs in Pakistan for cash withdrawal, balance inquiry, mini statement, funds transfer and bill payments.
“We are proud of our longstanding relationship with TPS, and look forward to continuing this collaboration as we continue to innovate and grow,” said Tahira Raza, President & CEO at FWBL. “We pride ourselves on being the home of economic empowerment for millions of women and their families. We will continue to strengthen this position by introducing new innovative products and fulfilling customer’s needs by providing the right solutions.”
Shahzad Shahid, CEO at TPS commented, “Ever since our inception back 20 years ago, TPS has been contributing towards a less cash economy through our technology. I congratulate FWBL on successful launch of MasterCard and PayPak debit cards which is a more convenient and secure payment alternate to cash for bank’s customer.”
About FWBL
First Women Bank Ltd. is a unique financial institution and commercial bank of its kind in the world. It is the only Bank in Pakistan that has a mandate to cater to financial and business needs of women and provide them with easy access to credit for enterprise development. The FWBL Vision and Mission statements reaffirm this commitment. It was setup in 1989 by the Islamic world’s first woman Prime Minister Mohtarma Benazir Bhutto (Shaheed), who envisioned a bank that would cater to financial and business needs of women and provide them with easy access to credit for enterprise development. FWBL intends to aggressively and effectively implement and use the technology to enhance banking services to serve its customers and emerge as one of the foremost financial institutions in the country, spurring an economic revival by endeavoring to meet the needs of tomorrow as well as today.
About TPS
TPS is a leading provider of payment solutions which is trusted by over 130 commercial and central banks, telecoms, payment processors and financial institutions across Asia, Africa and Europe. With Pakistan as its base since 1996, TPS has played a pivotal role in building 1LINK, which is now the country’s largest interbank switch. TPS has the largest market share in Pakistan, with its technologies and services empowering banks to issue cards and provide digital services. With continuous investment in technology and human capital, TPS has been constantly developing and improving its solutions while maintaining a customer centric approach.
