ISLAMABAD: HBL Microfinance Bank, 1LINK and Euronet Pakistan have signed a three-way agreement to introduce Pakistan’s first PayPak Credit Card, making HBL Microfinance Bank the first financial institution to partner with PayPak for a credit card offering.
The agreement was signed on Tuesday by HBL Microfinance Bank President and CEO Amir Khan, 1LINK CEO Najeeb Agrawalla and Euronet CEO Kashif Gaya.
Under the partnership, HBL Microfinance Bank will issue the cards and manage the customer offering, while 1LINK will provide the PayPak domestic payment scheme. Euronet will serve as the technology and card-processing partner and provide implementation support.
Four PayPak Credit Card Variants Planned
HBL Microfinance Bank plans to launch the credit card in four variants — Green, Standard, Pink and Edge — aimed at providing customers with different options according to their financial and livelihood requirements.
The bank also intends to introduce both conventional and Islamic PayPak Credit Card products as part of its broader effort to expand access to credit solutions for microfinance customers across Pakistan.
The initiative is intended to extend credit card facilities to customers who have traditionally had limited access to conventional banking products.
HBL MfB Eyes Greater Financial Inclusion
Amir Khan said HBL Microfinance Bank regarded access to finance as a means of enabling customers to pursue their economic needs with greater confidence.
He said the partnership would combine the bank’s customer reach with PayPak’s domestic network and Euronet’s technological capabilities to introduce a new credit facility for the microfinance sector.
According to Khan, the initiative is designed to provide customers with greater flexibility and convenience in accessing credit and making payments while encouraging responsible borrowing and broader financial inclusion.
1LINK Calls Agreement a Milestone for Domestic Payments
1LINK CEO Najeeb Agrawalla described the launch of the first PayPak Credit Card as an important development for Pakistan’s payment ecosystem.
He said the initiative demonstrated the growing strength of the country’s domestic payment infrastructure and the potential for secure, convenient and locally powered payment services.
Agrawalla said cooperation between 1LINK, HBL Microfinance Bank and Euronet represented another step towards developing a more inclusive and domestically driven digital payments ecosystem.
Euronet to Provide Processing Technology
Euronet Pakistan CEO Kashif Gaya said his company would support the programme as its card-processing and technology partner.
He said Euronet would contribute its payment-processing capabilities and technical expertise to help bring the PayPak Credit Card programme to market.
The partnership combines HBL Microfinance Bank’s presence in the microfinance sector, PayPak’s domestic payments network and Euronet’s technological infrastructure.
The planned launch represents an expansion of Pakistan’s locally operated payment ecosystem into credit cards while seeking to broaden access to formal credit facilities among microfinance customers.
