A collaboration of The National Database and Registration Authority (NADRA) Technologies with MasterCard has occurred to optimize the national identity cards with electronic payments operations. This move will allow Pakistani citizens to carry out financial transactions and receive government disbursements by making use of the unique 13-digit identification number of their identity card. It will also enable the citizens to make use of their National ID for sending and receiving domestic and international remittances, removing the requirement to physically go to a bank branch or currency exchange house to fulfill their money transfer requirements.
About The Agreement
The agreement was made during the technology firm in the global payments industry, MasterCard’s participation in the World Economic Forum (WEF) Annual Meeting 2017, taking place from 17-20 January in Davos. Under the terms of the agreement, MasterCard will 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 NADRA Technologies. For it, the citizens will be issued a unique 13-digit identification number which will allow them to carry out financial transactions and receive government disbursements. Citizens will also be able to use their computerized national identity card (CNICs) to send and receive domestic and international remittances. This will eliminate the requirement to physically visit a bank branch or currency exchange house to meet their money transfer needs. Aurangzaib Khan, Country Manager – Pakistan and Afghanistan, MasterCard, said,
“The new service will make international remittances more convenient both for the sender and beneficiary, and this is significant since Pakistan is one of the top receivers of remittances from abroad.”
To add more he spoke in full detail,
“Our collaboration with NADRA is a testament to our commitment towards building a reliable and secure ecosystem for online payments in Pakistan. The new service will 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 the national identity card with payment features will transform it into a powerful, multi-purpose channel for citizens to carry out financial transactions, and will facilitate faster and more efficient delivery of vital government services.”
Combining the National ID card with payment features will transform it into a powerful, multi-purpose channel for citizens to carry out financial transactions, and will facilitate faster and more efficient delivery of vital government services, concluded Mr. Aurangzaib. Hence, this partnership is just the starting point of financial inclusion’s journey and digitization of the whole procedure, according to an official. The aim is to make maximum use of NADRA database to streamline money transaction and revolutionize the economic system by bringing transparency in it.