Karachi: 1LINK, Pakistan’s largest payment processing body, announced its selection of Gemalto PURE white label payment technology for enabling “Chip and PIN” for its Domestic Payment Scheme, PayPak. The solution will enable 1LINK member banks to launch EMV-compliant contact and contactless cards, mobile payments, Host Card Emulator (HCE) and other digital services. This new initiative will bring an added security and convenience of ‘Chip and PIN’ transactions to millions of cardholders. This agreement was signed by Mr. Najeeb Agrawalla, CEO 1LINK and Mr. Nassir Ghrous, SVP Middle-East, Africa and CIS Banking and Payment GEMALTO.
With this deployment, 1LINK will ensure digital security as per EMVCO standards whereby enhancing the EMV ecosystem implementation for Pakistan’s banking community and key stakeholders such as government bodies and mobile network operators. It will also create a clear road map for future digital payment innovation and facilitate seamless and secure transactions.
1LINK PayPak domestic payment scheme is central to efforts to boost financial inclusion in Pakistan where fewer than 20% of the 220 million-strong population currently have access to formal banking. Additionally, it will accelerate implementation of ‘Chip and PIN’ transactions, meeting the State Bank’s objective of achieving EMV implementation by 2018 whereby fulfilling its goal of extending the benefits of formal banking to at least half the population by the end of the decade.
Alongside retail and business banking, this will serve to secure and streamline G2P (Government to Person) payments especially welfare programs such as BISP Card, Watan Cards, Pakistan Card, Khidmat Card etc.