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Mastercard and the Bank of Khyber (BoK) have entered into a strategic partnership to expand the bank’s digital payments portfolio.
The collaboration will give customers access to more secure and convenient payment solutions.
It will also support the digitisation of personal, commercial and government transactions.
The partnership comes as Pakistan continues to expand digital payments and reduce reliance on cash.
Khyber Pakhtunkhwa has made significant progress in digitising government services, according to provincial Finance Minister Muzzammil Aslam.
He said the province had expanded from three digitised services two years ago to 170 services today.
These services cover person-to-government, person-to-merchant and government-to-person payments.
The system also supports pension and salary payments through Raast.
Aslam said Khyber Pakhtunkhwa has a population of around 45 million and still has significant potential in remittances, e-commerce and merchant digitisation.
He added that the provincial government, as BoK’s major shareholder, remains committed to supporting the bank’s growth.
Islam Zeb, Additional Chief Secretary of Khyber Pakhtunkhwa and Chairman of BoK, said building a cashless economy remains a key part of the bank’s strategy.
He said BoK aims to compete by offering innovative products and services.
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The bank also plans to respond to the changing financial needs of its customers.
The partnership with Mastercard will help BoK expand its digital payment capabilities across consumer and business segments.
Arslan Khan, Mastercard Country Manager for Pakistan and Afghanistan, welcomed the expanded collaboration with BoK.
He said the partnership reflects the bank’s continued confidence in Mastercard.
Mastercard will support further digitisation of the payments ecosystem in Khyber Pakhtunkhwa.
The companies will focus on debit, credit, affluent and small and medium-sized enterprise (SME) segments.
Khan said the collaboration will support greater financial inclusion and contribute to the development of Pakistan’s payments landscape.
Hassan Raza, Managing Director and CEO of Bank of Khyber, described the agreement as an important step in the bank’s digital transformation.
He said BoK plans to expand its card portfolio across consumer and commercial segments.
The bank aims to provide customers with greater convenience and security through modern payment solutions.
Raza said the initiative will also support the growth of Khyber Pakhtunkhwa’s digital economy.
The Mastercard partnership could therefore help BoK strengthen its position in Pakistan’s expanding digital payments market.
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