National Bank of Pakistan is planning to start Union Pay recognized prepaid and debit cards after which customers of the bank will be able to make transactions with more than 10 million online sites, 35 million merchants and 2 million ATMs globally.

The opportunities of business have increased after the development of China-Pakistan Economic Corridor after which Union Pay is focusing on Pakistani market. The UnionPay POS service in Pakistan is the first market outside mainland China.

In the Chinese city of Urumqi, a signing ceremony was held between UnionPay International and National Bank of Pakistan for this purpose during a mega conference.

NBP’s President Syed Ahmed Iqbal Ashraf said that NBP is using modern technologies to promote multiple financial opportunities which is important for continuous economic growth. National Bank is also trying to deliver financial projects like P2G and G2P by developing eco-system with major market players.

Chairman China UnionPay, GeHuayong, said on the occasion that UnionPay is expanding its operations in Pakistan after implementation of the belt and Road project. In Pakistan, localization of UnionPay is accelerating and they will cooperate with NBP in the future to enhance and improve the personal exchanges between Pakistan and China.

The Group Chief CRGB of NBP, Mudassir H Khan, said on the occasion that 2009 was the starting year of Digital Financial Services in Pakistan and now they can reach to next level. NBP is playing an important role to bring together Government institutes, telcos, banks and other stakeholders by creating favorable environment in the country.