Pakistan gets boost in digital payments with Visa's new card

Visa's partnership with Meezan Bank aims to enhance “domestic transactions” in Pakistan
An undated image of Visa cards. — Canva
An undated image of Visa cards. — Canva 

Pakistan's Finance Minister Muhammad Aurangzeb, during his visit to Washington, DC, for the World Bank and International Monetary Fund (IMF) Annual Meetings, announced Visa’s upcoming launch of a “Financial Inclusion Card” in Pakistan.

This partnership with Meezan Bank aims to enhance “domestic transactions” and improve access to digital payment systems in the country. 

The Finance Minister commended Visa's commitment to supporting local payment networks like 1Link and praised its contributions to “financial inclusion” and entrepreneurship.

Aurangzeb also met with Chinese Vice Minister of Finance, Liao Min, to strengthen economic ties. He appreciated China for its continued support in areas like the IMF’s Extended Fund Facility (EFF) and expressed enthusiasm for Chinese investment in sectors like “electric vehicles," including BYD’s upcoming launch in Pakistan.

Read more: FBR to launch new Point of Sale scheme on October 28

Both leaders discussed expanding the “Currency Swap Agreement” and agreed on closer integration of the countries' payment systems for efficient online settlements.

Additionally, Aurangzeb discussed economic growth with other prominent leaders. Meetings with “Google” and “Natixis” executives focused on increasing foreign investment in Pakistan’s “IT and infrastructure sectors”.

He emphasised Pakistan’s growth as a top global freelance destination and outlined steps to further enable the “digital ecosystem” through various policies and initiatives.

AIIB and Panda Bonds initiative in Pakistan 

In a conversation with Asian Infrastructure Investment Bank (AIIB) President Jin Liqun, the Finance Minister explored launching a “Panda Bond” to broaden Pakistan's financing base.

He invited AIIB to invest in projects like the N-5 (GT Road) reconstruction and provide climate-related support. Both sides expressed optimism about ongoing AIIB projects in Pakistan and discussed future infrastructure and climate resilience efforts.

The Finance Minister concluded his visit with engagements with Pakistani-American tech entrepreneurs and the Pakistani diaspora, who play a vital role in enhancing ties between Pakistan and the U.S.