PURCHASE, N.Y.--(BUSINESS WIRE)--Financial inclusion in Pakistan got a boost today with the announcement that MasterCard and the Bank of Punjab have launched a Social Security Program to automate and streamline government disbursement, subsidy and assistance programs. This first-of-its-kind initiative is aimed at driving financial inclusion specifically in Punjab – the largest province in Pakistan.
Under this initiative, Bank of Punjab will issue millions of payment cards to citizens, empowering the unbanked population by providing them with access to formal financial services. The program will also bring transparency and efficiency to key government initiatives. Cardholders will be able to make secure transactions around the world and withdraw cash from any ATM that accepts MasterCard products.
The new platform will support five government programs including pension, payroll, education, micro-lending, and healthcare. The program also enables biometrics to verify the recipient’s identity when using the card at merchants across the country.
Read the full press release here.
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