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Bank Alfalah, UnionPay join Hands for card alliance
Karachi: Bank Alfalah Limited (BAFL), one of Pakistan’s top-tier banks, owned and operated by the Abu Dhabi Group has recently signed an agreement with UnionPay International (UPI) to accept UnionPay cards in Pakistan.
This unique, landmark partnership is a major milestone for both companies and also marks a breakthrough in forging business links between financial institutions in China and Pakistan. Bank Alfalah is aiming to implement the acceptance of UnionPay Cards on POS terminals in Pakistan in early 2013 followed by acceptance of UnionPay Cards on ATMs thereafter.
UnionPay International is a subsidiary focusing on international business of UnionPay, with the purpose of further expanding UnionPay Card’s usage globally and providing wider and more convenient bankcard services. To date, the total number of the UnionPay Card issued has exceeded 3.4 billion. The UnionPay Card’s network has been extended to all the cities and rural areas in China as well as 135 countries and regions.
Atif Bajwa, Bank Alfalah’s President and CEO, said, ‘We are immensely pleased to be entering into an alliance with UnionPay International to facilitate the acceptance of their cards in Pakistan. We are optimistic that our widespread presence and footprint, with over 21,600 POS terminals countrywide, will go a long way in assisting UnionPay Card holders to conduct their transactions with enhanced efficiency, convenience and ease. Going forward, we will continue to explore meaningful avenues for collaboration with UnionPay International in order to provide customers in Pakistan with even better, more sophisticated financial solutions.’
As we enter 2013, Bank Alfalah continues to operate through a network of 471 branches across 163 cities in Pakistan in order provide consumers, corporations, institutions and governments with a broad spectrum of financial products and services, including corporate and investment banking, consumer banking and credit, securities brokerage, commercial, agricultural, Islamic and asset financing.