Mastercard has joined forces with the Bank of Punjab (BOP) to enhance the bank’s proposition across consumer debit and credit, affluent portfolio, and loyalty offerings. The collaboration seeks to transform the bank’s digital ecosystem and its customers’ digital experience.
Customers of BOP’s priority banking program, KHAAS, will now benefit from Mastercard’s World and World Elite cards. Under this partnership, the bank will expand into new affluent segments with revised customer value propositions (CVP) and products, aiming to establish KHAAS as the country’s preferred priority program for affluent and high-net-worth individuals (HNIs). The collaboration will also see the launch of Islamic credit cards to address the high demand for Islamic banking payment solutions in Pakistan.
In addition, BOP will introduce an enterprise-wide loyalty program, Pay with Rewards, and Mastercard Rewards Solutions that will span multiple products and segments and use Mastercard’s global expertise. Pay with Rewards is a digital experience that allows cardholders to spend loyalty points like cash at the time of purchase for instant, seamless rewards redemption.
The partners will collaborate to improve BOP’s mobile app, digiBOP’s user interface (UI), and user experience (UX) by leveraging Mastercard Digital Spark Lab. This immersive innovation platform combines the latest digital technologies, design thinking, and UX expertise.
Other areas of collaboration include transit payments, Mastercard Gateway, and low-cost acceptance. Mastercard and BOP have also partnered on the Kissan Card. This government-issued tool offers small farmers interest-free loans through Mastercard credit cards, who will transact digitally with agri-dealers through Mastercard’s low-cost Tap-on-Phone acceptance solutions.
“We are delighted to strengthen our relationship to bring added value and convenience across multiple aspects of our offerings. The collaboration will reinforce our position as Pakistan’s fastest-growing digital bank focused on innovation, best-in-class products, customer experience, and digital solutions,” said Nofel Daud, Chief Digital Officer, BOP.
“Collaboration with BOP, our key ecosystem partner, enables us to jointly launch new initiatives to drive financial inclusion, digitise payment flows, and provide greater financial access to underserved segments. We thank BOP for their trust in Mastercard as their principal partner across all portfolios and services. This new exciting partnership also enhances BoP’s affluent proposition, provides enterprise-wide loyalty and innovation in the Islamic banking space, and boosts its customers’ digital experience,” said Arslan Khan, Country Manager, Pakistan and Afghanistan, Mastercard.
