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Digital payments, step toward cash-free society

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News Desk |

The modern world is designed to be run by money. Many a cynic lambasts the prevalence of money in humanity’s daily dealings. Yet money itself has changed over the centuries. From coins of gold in olden times to today’s paper money, it still has retained its significance in human civilization. Now its next form of evolution is digital payments which will turn today’s world into a cash-free society.

The National Bank of Pakistan (NBP), one of Pakistan’s largest commercial banks, has launched the next generation payment system, including Mobile Banking App and EMV/Contactless Debit Cards powered by UnionPay international. The launch of these technology tools will enable NBP customers to use best in class banking services and also usher a new era of digital banking in Pakistan.

NBP is working closely with the Government of Pakistan and State Bank of Pakistan. NBP will also shortly be able to open bank accounts within 15 minutes by making the entire process seamless.

Talking on the occasion, Mr. Arif Usmani, President National Bank of Pakistan said, “This is the era of digital banking and NBP being the market leader has come up with out-of-the-box solutions that can significantly enhance customer experience. NBP’s progress in technology is rapid and the role being played by our technology partners is outstanding.”

NBP President also emphasized that digital disruption was shaping the future of banking in Pakistan and management is fully cognizant of future banking needs. He further stated that NBP has embarked upon various technology initiatives aimed at providing multiple delivery channels. The launch of NBPs first EMV & Contactless Debit Card and Mobile Banking App are a part of the journey of providing a state-of-the-art solution to our customers.

NBP is working closely with the Government of Pakistan and State Bank of Pakistan. NBP will also shortly be able to open bank accounts within 15 minutes by making the entire process seamless. Other digital initiatives also being rolled out in quick succession not only facilitate the accountholders but also help boost remittances manifold and increase financial inclusion in the formal banking system.

Read more: NBP avoids banking sector woes, achieves highest revenue

Also speaking at the occasion, Mr. Muhammad Farooq, Group Head Payment Services & Digital Banking stated that the launches of EMV/Contactless Debit Cards and Mobile Banking App were important milestones for NBP. These initiatives would further provide customers the choice of leading card schemes based on their unique transactional requirements coupled with NBPs unparalleled branch and ATM footprint across the length and breadth of Pakistan.


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