NBP, UnionPay International ink debit, prepaid card agreement

URUMQI: A signing ceremony was held between National Bank of Pakistan and UnionPay International, during the mega conference of Silk Road Forum in Urumqi, China, between National Bank of Pakistan (NBP) and Union Pay International (UPI). The agreement was signed in the presence of distinguished guests from Chinese Regulators, State Bank of Pakistan and senior management representatives of multiple partner countries of China Silk Road Forum. From NBP and UPI, senior managements were present including Syed Ahmed Iqbal Ashraf – President, Mudassir H. Khan – SEVP/Group Chief CRBG, Azfar Jamal –EVP/Head – Payment Services, Nabeel Aslam – Head of Debit Card from NBP side and; GE Huayong, Chairman, China UnionPay and Han Wang – GM UPI Middle East, Nadeem Haroon – Country Manager Pakistan and Kashif Ali – Manager UPI. This signing would enable NBP to launch Union Pay branded Debit and Prepaid Cards allowing customers to conduct transactions at over 35 million merchants globally as well as 2 million ATMs worldwide and 10 million online sites. After the ceremony Mr. Syed Ahmed Iqbal Ashraf stated that National Bank envisions multiple opportunities to promote financial inclusion through new technologies, and through that; drive inclusive and sustainable growth of economy. We believe that combining the strengths of Unionpay and NBP together can take us closer to our vision. NBP strongly believes in collaborations and leveraging of services to create new paradigms in financial services within the country. NBP now aims to develop an Eco-system in collaboration with all market players to deliver financial products, especially P2G & G2P services. On the occasion, Mr. GeHuayong, Chairman of China UnionPay said, “the implementation of the Belt and Road Initiative has substantially promoted UnionPay’s expansion in Pakistan. First, UnionPay’s acceptance scope is expanding rapidly, meeting the payment demand of UnionPay cardholders visiting the market. Pakistan is also the first market outside mainland China that has launched UnionPaym POS service.”