1LINK, UPI sign agreement for co-badging cards.
Karachi -- 1LINK (Pvt) Limited (1LINK) signed an agreement with UnionPay International (UPI) for co-badging of PayPak cards as per approval of State Bank of Pakistan (SBP). This signing ceremony was held at 1LINK's office.
This agreement will allow 1LINK member banks to issue co-badged cards to those customers who seek both international and domestic spending convenience on one payment card.
Co-badging is the inclusion of two payment schemes on the same card (PayPak and UPI), enabling functionality of two networks on one payment card. Domestic transactions for PayPak-UPI co-badged card will route via PayPak.
PayPak-UPI card holders will be able to use their card internationally utilizing UnionPay's world-wide network.
This alliance will enable increased issuance of PayPak cards across the nation. 1LINK will be able to make PayPak-UPI a payment card of choice, capable to serve customers in both international and domestic markets. In line with SBP Vision 2020, 1LINK is committed towards driving financial inclusion and enhancing PayPak's footprint, both locally and internationally.
On the occasion Mr. Najeeb Agrawalla, CEO, 1LINK, commented 'We are pleased to enter into this agreement with UPI. With this strategic move, PayPak-UPIco-badge cards will now be accepted globally.
This will give customers an economical option locally with convenience of international acceptance on the same card'.