A top tech company in the global payments business, MasterCard has inked a strategic partnership with Pakistan’s NADRA Technologies to upgrade Computerized National Identity Cards (CNICs) with automated payments functionality.
The collaboration between MasterCard and NADRA came into effect during World Economic Forum (WEF) gathering at Davos, this week. The former company took part in WEF meeting which is currently in full swing in Switzerland.
What Does The Agreement Imply?
The people of Pakistan will be allotted a unique 13-digit identification number under the contract. This will enable them to carry out monetary transactions and obtain government disbursements. Moreover, it’ll also empower Pakistanis to send and receive local and international payments while using CNICs. Subsequently, it will eradicate the pain to visit any money changer or a bank branch in person to transfer an amount from one place to another.
MasterCard will execute the complete process by utilizing its next-generation technologies. Leading Tech Company will process the online payments in the issuance of CNIC, passport or any other document which is provisioned by NADRA.
Statement of the Key Executive at MasterCard
Country Manager at MasterCard for Pakistan and Afghanistan, Mr. Aurangzaib Khan stated:
“Our collaboration with NADRA is a testament to our commitment towards building a reliable and secure ecosystem for online payments in Pakistan. The new service will make international remittances more convenient both for the sender and beneficiary. This is significant since Pakistan is one of the top receivers of remittances from abroad”
While commenting on the optimization of CNICs to facilitate online payments, Aurangzaib Khan added:
“Combining the national identity card with payment features will transform it into a powerful, multi-purpose channel for citizens to carry out financial transactions. It will also facilitate faster and more efficient delivery of vital government services”
According to an official, the collaboration between the two companies is just the beginning of financial inclusion and digitization of the complete process. The core objective of the strategic partnership is to bring transparency in the economic system. In addition, another key goal is to utilize the database of NADRA to modernize monetary transactions in the country.