Mastercard, a leading technology company in the global payments industry has announced a strategic collaboration with NADRA technologies to optimise National ID cards with electronic payments facility.
Pakistani citizens will be able to use their national identity cards (CNICs) to carry out financial transactions and receive government disbursements. This was announced at World Economic Forum Annual Meeting 2017 taking place between January 17 and 20 in Davos, Switzerland.
The citizens would also be able to use their CNICs to send and receive domestic and international remittances. This would eliminate the requirement to physically visit a bank branch or currency exchange house to meet their money transfer needs.
Under the terms of the agreement, Mastercard would also use its next-generation payment processing technologies to process all online payments made by Pakistani citizens for the issuance of National ID cards, passports or any other document provisioned by National Data and Registration Authority (NADRA) technologies. The announcement was made during mastercard’s participation in the World Economic Forum’s annual meeting 2017; taking place from 17-20 January in Davos, Switzerland.
While speaking at the meeting, Mastercard Country Manager for Pakistan and Afghanistan Aurangzaib Khan said the collaboration with NADRA Technologies Limited is a testament to their commitment towards building a secure ecosystem for online payments in Pakistan.
The new service would 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.
Combining CNIC with payment features would transform it into a powerful, multi-purpose channel for citizens to carry out financial transactions, and would facilitate faster and more efficient delivery of vital government services.