In an important development towards expanding
financial inclusion, the people will now soon be able to use their identity
cards to conduct financial trans-actions, receive government payments and
remit-tances. According to details, a leading technology company in the global
payments industry- Master-card- Wednesday announced a strategic collabora-tion
with National Database and Registration Au-thority (NADRA) to optimize national
ID cards with an electronic payments functionality.
The move will allow citizens to carry out finan-cial transactions and receive government disburse-ments by utilizing the unique 13-digit identification number of their identity card. Citizens will also be able to use their National ID to send and receive domestic and international remittances, eliminating the requirement to physically visit a bank branch or currency exchange house to meet their money trans-fer needs. Under the terms of the agreement, Mastercard will also use its next-generation pay-ment processing technologies to process all online payments made by Pakistani citizens for the issu-ance of National ID cards, passports or any other document provisioned by NadraTechnologies.
An announcement to this effect was was made during the World Economic Forum Annual Meeting 2017 by Aurangzaib Khan, Mastercard’s country Manager for Pakistan and Afghanistan saying his company’s collaboration with NADRA is a testa-ment to our commitment towards building a reliable and secure ecosystem for online payments in Paki-stan.”
“The new service will make international remittances more convenient both for the sender and beneficiary, and this is significant since Pakistan is one of the top receivers of remittances from abroad,” he added.
The move will allow citizens to carry out finan-cial transactions and receive government disburse-ments by utilizing the unique 13-digit identification number of their identity card. Citizens will also be able to use their National ID to send and receive domestic and international remittances, eliminating the requirement to physically visit a bank branch or currency exchange house to meet their money trans-fer needs. Under the terms of the agreement, Mastercard will also use its next-generation pay-ment processing technologies to process all online payments made by Pakistani citizens for the issu-ance of National ID cards, passports or any other document provisioned by NadraTechnologies.
An announcement to this effect was was made during the World Economic Forum Annual Meeting 2017 by Aurangzaib Khan, Mastercard’s country Manager for Pakistan and Afghanistan saying his company’s collaboration with NADRA is a testa-ment to our commitment towards building a reliable and secure ecosystem for online payments in Paki-stan.”
“The new service will make international remittances more convenient both for the sender and beneficiary, and this is significant since Pakistan is one of the top receivers of remittances from abroad,” he added.
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