Under the five-year agreement, First Data will provide credit card and acquirer processing services to Alfalah Bank through its VisionPLUS processing platform. This will support the bank’s current 325,000 card accounts and 17,000 merchants in Pakistan.
First Data will also support Alfalah’s international growth as it extends its business across southwest Asia over the next few years. The company has said that it will provide its client services support from First Data offices in Dubai.
Adil Rashid, executive in charge of credit cards at Alfalah Bank, commented: First Data brings us the tools and capabilities to manage our card portfolio as it grows, with the fraud and risk management support we will need. We will also benefit from the company’s global payments expertise and experience as we enter new markets.
David Yates, EMEA president at First Data, added: Alfalah is one of the most significant card issuers and acquirers in the region, and we are delighted to secure the bank as our first client in Pakistan.
He concluded: Credit card usage is increasing across the country and the bank is seeing real opportunities to expand its business, locally and internationally. We, in turn, continue to extend our footprint, marrying our global capabilities with a local presence and market understanding, to serve the needs of our clients.
