Al Baraka Bank, an Islamic Bank in Pakistan, has partnered with Euronet Pakistan to launch UnionPay debit cards.
As part of the partnership, Euronet will provide outsourced services to the bank for its electronic financial transaction services that include debit card processing and management, ATM driving and monitoring, and UnionPay International gateway services.
UnionPay International is a subsidiary of UnionPay and has a network in over 140 countries and regions, providing payment services to the world’s largest cardholders group.
Under the deal, Al Baraka will also use Euronet’s PCI DSS compliant facility and add a wide range of transaction sets on its channels such as utility bill payments, inter-bank funds transfers facility, internet banking interface, and others.
Al Baraka strategic planning and marketing head Farah Naz was quoted by Pakistan Observer as saying that Euronet’s outsourced model was a perfect fit for their business requirement of launching UnionPay cards.
"It’s cost effective with the quickest time to market which is our top most priority for any initiative. Euronet keeps up with the technological and regulatory requirements which will enable us to focus on our core banking business," Naz added.
"We believe this partnership with Euronet and UPI will help us grow and add more advance, valuable and revenue generating services quickly and cost effectively."