Karachi – Pakistan, 24th June 2024 – In a significant move towards revolutionizing the landscape of financial transactions in Pakistan, Mastercard, a global technology company in the payments industry, has partnered with ABHI, an embedded finance platform, to introduce the Mastercard-enabled Salary Advance Cards for the first time in Pakistan.
ABHI users will be able to order this card via the ABHI app, 24/7 call center, or through the HR departments of their associated companies, enabling them to access earned salaries conveniently. This collaboration will enhance the accessibility of international and domestic online payments for ABHI’s Earned Wage Access (EWA) users.
At the core of this partnership is a joint commitment to empower individuals and drive positive transformation in Pakistan’s financial landscape, marking a milestone in the development of payment infrastructure. By leveraging Mastercard’s technology, ABHI will enrich its products and services to ensure safe and quick transactions for its users. As the two companies unite to advance financial wellness across the region, this partnership signifies a leap toward fostering a secure digital economy.
“While the digital economy is revolutionizing the financial landscape of Pakistan, we at ABHI are dedicated to empowering individuals and businesses through our innovative products. By introducing Salary Cards powered with Mastercard’s technology, we’re initiating a new era of seamless transactions for working individuals across the region. With Mastercard-powered ABHI Salary Cards, our users will gain the ability to conduct both local and international transactions directly from their Earned Wage Access. The partnership with Mastercard embodies our shared vision for a more inclusive financial future, where everyone has access to convenient and secure financial solutions,” said Ali Ladhubhai, Co-Founder and COO of ABHI.
Mastercard and ABHI Team Up to Boost Financial Inclusion
“At Mastercard, we pride ourselves on leveraging our global technology and expertise to co-create market-relevant, innovative, and customer-centric payment solutions in close collaboration with key local ecosystem players. We are delighted to partner with ABHI, an exciting FinTech, to launch Salary Advance Cards that will connect their customers to our global payments network. Together, we are working towards a common goal of ensuring that more businesses, more SMEs and more people than ever have access to the benefits and opportunities offered by digital payments as we deliver on our commitment of including one billion people to the digital economy,” said Arslan Khan, Country Manager, Pakistan at Mastercard.
Founded in 2021, ABHI is promoting financial inclusion across the region, serving Pakistan, UAE, and KSA with its innovative credit-bridging products. These offerings, which include Earned Wage Access, Payroll Solutions, and SME Financing, are designed to empower businesses and their employees financially. ABHI has earned recognition as one of the Future 100 companies in the UAE and was also the first fintech firm in the MENAP region to join the World Economic Forum’s Technology Pioneers community in 2023.
With its global expertise in the payments industry, Mastercard is utilizing secure data and networks to unlock new opportunities for individuals, financial institutions, governments, and businesses. The partnership between Mastercard and ABHI aims to strengthen the digital payment infrastructure, facilitate future transaction expansion, and promote financial inclusivity.
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