The Bank of Punjab, which is owned by the government of the Pakistani province of Punjab, and MasterCard Incorporated, a US-based payments and technology company with operations in 210 countries and territories, recently announced a “Social Security Program” to convert government assistance to individuals to electronic payments. Through this agreement, the Bank of Punjab will distribute “millions of payment cards,” through which Pakistani citizens will receive wages and benefits in areas such as healthcare, pension, microlending and education. When a card is used at a merchant location, the identity of the cardholder will be verified via unspecified biometric data.
As of December 2013, MasterCard reports total assets of USD 14.2 billion and 1.2 billion payment cards in circulation.
By Juan Blanco, Research Associate
About MasterCard
MasterCard Incorporated is a payments and technology company that is headquartered in the US state of New York. It connects consumers, financial institutions, merchants, governments and businesses in approximately 210 countries and territories. MasterCard’s products aim to facilitate commercial activities such as shopping, traveling, running a business and managing personal finances. As of December 2013, MasterCard reports total assets of USD 14.2 billion and 1.2 billion payment cards in circulation.
Sources and Additional Resources
[1] MasterCard, “MasterCard and Bank of Punjab Bring Financial Inclusion to Pakistan,” 2014, http://newsroom.mastercard.com/mea/press-releases/mastercard-and-bank-of-punjab-bring-financial-inclusion-to-pakistan/
MicroCapital Story, March 25, 2014, MasterCard Foundation Donates $23m to Opportunity International for Agricultural Financing in Sub-Saharan Africa
MicroCapital Story, February 25, 2014, Inter-American Development Bank (IDB), MasterCard Partner to Support Financial Inclusion, Transparency in Latin America, Caribbean
MicroCapital Story, February 14, 2014, EcoBank to Offer Mastercard in 23 African Countries
MicroCapital Universe Profile: MasterCard
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