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LAHORE: The Bank of Punjab (BOP), recognized as one of the nation’s premier commercial banks, has embarked on a pioneering journey by unveiling its cutting-edge Point of Sale (POS) payment solutions and online payment gateway services.

BOP is the 7th bank offering this service out of the total of 41 commercial and specialized banks in the country. This strategic move reinforces BOP’s commitment to enriching its digital retail offerings and expediting the evolution of the nation’s digital ecosystem.

In pursuit of this ambitious endeavour, the Bank of Punjab (BOP) has forged a strategic alliance with PayNet Private Limited, a wholly-owned subsidiary of Omega IT Solutions United Arab Emirates renowned for its expertise in digital payment business solutions. This collaboration signifies a pivotal milestone in BOP’s mission to introduce Point-of-Sale (POS) payment services to the market, with plans to expand its reach through additional Independent Sales Organizations (ISOs) for comprehensive nationwide coverage.

The Bank will act as a link between merchants, issuers and payment networks by offering them state-of-the-art POS machines and make cashless transactions available over the counters, enabling retailers to benefit from the adoption of digital payments. The POS machines support acceptance of all types of cards.

Speaking on this occasion, Zafar Masud remarked, “The Bank of Punjab is diligently spearheading the modernization of retail services within the country by enhancing our digital offerings and promoting economic documentation. We are already committed to providing top-notch services to SMEs, corporate entities, and government sectors.

With the launch of our Merchant Acquiring business, we aim to fortify these strategic partnerships, empowering BOP to deliver innovative and industry-leading payment solutions to customers nationwide.”

Copyright Business Recorder, 2023

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