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Bank Alfalah and Mastercard Launch Alfa Virtual Debit Card

Bank Alfalah has announced the launch of the Alfa Virtual Debit Card in collaboration with Mastercard in an endeavor to bring the bank closer to customers in the times of social distancing.

The virtual card eliminates the need to visit a branch, present any physical documentation or in-person interaction to application as customer verification is performed digitally.

The launch of the new card is in line with the bank’s commitment to support citizens and communities by providing convenient solutions enabling them to continue banking remotely.

With this launch, Bank Alfalah aims to drive inclusivity by broadening its reach to cater to a diverse customer base and improve the digital payments ecosystem across the country.

Offering a fully contactless and paperless experience, the Alfa Virtual Debit Card can be generated instantly and used online, without the need for a traditional activation process.

Cardholders can activate and deactivate their cards as per their convenience and when they deem fit. They will also have the freedom to set their own daily and transaction limits and expiry date.

Powered by Mastercard, the Alfa Virtual Debit Card is accepted by thousands of e-merchants all over Pakistan and provides a hassle-free, secure online payment experience.

Commenting on the launch,Muhammad Yahya Khan, Group Head – Digital Banking, Bank Alfalah said: “The world is undergoing a transformation that is influencing all aspects of our daily lives. However, even as we continue to maintain social distancing, we are closer than ever. Digitally we are nearer to one another– from video calls with our loved ones to e-learning and working from home; we get to interact and remain close.

“Leveraging on our robust technology-relatedcapabilities backed by Mastercard’s global expertise, we are excited to start serving our customers with a unique solution that is the Alfa Virtual Debit Card. It brings the bank to them wherever they are, right at their fingertips.”

Atyab Tahir, Pakistan Country Manager, Mastercard, added,“We are delighted to partner with Bank Alfalah to launch this exciting new product, which is tailored to meet the needs of local consumers. With more customers appreciating safer, faster and more secure payment options, Pakistan is steadily increasing its appetite for digital payments.

“The Alfa Virtual Debit Card is just another example of how Mastercard is helping customers to shop easily, securely and with a greater peace of mind, while opening up access to the digital economy for everyone.”

PS: i) About Mastercard (NYSE: MA), www.mastercard.com

Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.

ii) About Bank Alfalah (Pakistan), www.bankalfalah.com

Bank Alfalah is among the largest private banks in Pakistan with a network of over 700 branches in more than 200 cities across Pakistan, with international presence in Bangladesh, Afghanistan, Bahrain, and UAE. The Bank is owned and operated by the Abu Dhabi Group.

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M M Alam

M. M. Alam is a Pakistan-based working journalist since 1981. Karachi University faculty gold medalist Alam began his career four decades ago by writing for Dawn, Pakistan’s highest circulating English daily. He has worked for region’s leading publications, global aviation periodicals including Rotors (of USA) and vetted New York Times as permanent employee of daily Express Tribune. Alam regularly covers international aviation and defense-related events including Salon Du Bourget (France), Farnborough (United Kingdom), Dubai (UAE). Alam has reported thousands of events and interviewed hundreds of people in Pakistan, UAE, EU, UK and USA. Being Francophone Alam also coordinates with a number of French publications.