The announcement was made during a signing ceremony held at the MasterCard's office in Dubai between Faiq Sadiq, Group Head - Payment Services, HBL and Raghu Malhotra, Division President - Middle East and North Africa, MasterCard.

"We are very excited about our partnership with MasterCard," commented Sadiq. "As Pakistan's largest bank, we recognize the importance of providing Pakistani's with the latest and most secure payment options. Working with an industry leader such as MasterCard will help us deliver on our commitment to introduce innovative payment solutions for masses in Pakistan."

Malhotra commented: "Pakistan is a key emerging market for MasterCard and we remain focused on driving the adoption of electronic payment solutions in the country. HBL has been instrumental in raising awareness about the numerous benefits of modern day payment solutions in Pakistan. We look forward to working with the Bank to continue providing relevant and innovative solutions that meet the evolving needs of consumers."

In a major boost for the growth of electronic payment solutions in Pakistan, HBL, under the new collaboration will issue over 7 million MasterCard payment cards in five years including debit cards that will feature the highly-secure EMV Chip and Pin technology, prepaid cards, premium debit and prepaid cards as well as companion cards issued by HBL Express, the branchless banking arm of HBL.

Development of customized solutions that address the specific needs of consumers in Pakistan while also introducing them to the latest payment technologies will be a key feature of this landmark agreement between the two leading institutions. Furthermore, with an objective to diversify its payment solutions portfolio, HBL will also be issuing MasterCard payment solutions specifically for students and the youth.