HBL MFB, 1LINK, Euronet sign agreement to launch Pakistan's first PayPak Credit Card

ISLAMABAD, Sep 29 (APP): HBL Microfinance Bank (HBL MfB), 1LINK (Pvt.) Limited and Euronet Pakistan on Tuesday signed a tripartite agreement to introduce Pakistan's first PayPak Credit Card, with HBL Microfinance Bank becoming PayPak's inaugural credit card partner. The agreement, signed by HBL Microfinance Bank President and Chief Executive Officer (CEO), Amir Khan, 1LINK CEO Najeeb Agrawalla and Euronet CEO Kashif Gaya, marks an important development in Pakistan's payments landscape, a news release said. Under the partnership, HBL Microfinance Bank would issue PayPak Credit Cards and lead the customer proposition, 1LINK will provide the PayPak payment scheme, while Euronet would provide the card processing technology platform and implementation support. HBL Microfinance Bank plans to introduce the PayPak Credit Card across all four variants including Green, Standard, Pink and Edge to provide customers with greater choice and flexibility in meeting their livelihood needs. The initiative is part of the bank's broader plans to introduce both conventional and Islamic PayPak Credit Card offerings, expanding access to innovative credit solutions for microfinance customers across Pakistan. Amir Khan said the bank viewed access to finance as a means of helping customers move forward with confidence and, as part of its commitment to expanding access to responsible and innovative financial solutions, was proud to introduce the microfinance sector's first credit card offering in Pakistan. He said the partnership aimed to provide microfinance customers with greater choice, flexibility and convenience in accessing credit and making payments. 'By combining our customer reach with PayPak's domestic network and Euronet's technology, we are pioneering a new chapter for the microfinance industry,' he said, adding that the initiative would bring credit card access to a segment traditionally underserved by conventional banking products. He said the initiative would support customers' livelihood needs while promoting responsible borrowing and greater financial inclusion. Najeeb Agrawalla said the signing of the agreement for the first PayPak Credit Card marked a landmark moment for Pakistan's payments ecosystem, reflecting the strength of the country's domestic payment infrastructure and commitment to secure, convenient and locally powered payment solutions. He said 1LINK was proud to partner with HBL Microfinance Bank and Euronet to see PayPak continue to evolve and shape the future of payments in Pakistan. 'This is an important achievement, and an important step towards building a stronger, more inclusive and locally driven digital payments ecosystem in Pakistan,' he added. Kashif Gaya said Euronet was proud to support the PayPak Credit Card initiative as card processor and technology partner, bringing its processing capabilities and payments expertise to the programme. He said Euronet was pleased to partner with HBL Microfinance Bank and 1LINK in bringing the programme to market, and congratulated HBL Microfinance Bank on becoming the inaugural PayPak Credit Card partner and 1LINK on the occasion. The partnership brings together HBL Microfinance Bank's reach in microfinance, PayPak's domestic payment network and Euronet's technology capabilities to introduce a new locally powered credit card proposition in Pakistan.