Faysal Bank Limited, one of Pakistan’s leading Islamic banks, has entered into a strategic partnership with PSO to enhance digital payment solutions across the country’s fuel stations. This collaboration marks a significant step in modernizing financial transactions, aligning with Pakistan’s broader goal of fostering a cashless and digitally inclusive economy.
The agreement, formalized through a MoU, was signed at a ceremony held at PSO House. The event was attended by key executives from both organizations, including Yousaf Hussain, President and CEO of Faysal Bank Ltd., and S.M. Taha, Director and Managing Director of Pakistan State Oil. The partnership aims to integrate advanced digital payment infrastructure into PSO’s nationwide network of fuel stations, making transactions more efficient, secure, and accessible to consumers.
Under the agreement, Faysal Bank will deploy Point of Sale (POS) terminals at PSO outlets, enabling customers to conduct seamless digital transactions for both fuel and non-fuel purchases. The initiative will be powered by AltPay, a fintech partner specializing in innovative payment solutions. Through this integration, PSO fuel stations will support multiple payment methods, including bank-issued debit and credit cards, PSO fuel cards, and other digital payment platforms. This initiative will allow real-time tracking and visibility of transactions, reducing reliance on cash-based payments and enhancing financial transparency.
Commenting on the partnership, Faysal Bank’s President and CEO, Yousaf Hussain, emphasized the bank’s commitment to driving digital transformation in Pakistan’s financial sector.
“We are dedicated to expanding the reach of Shariah-compliant digital payment solutions that enhance convenience and accessibility for our customers. Our collaboration with PSO is a milestone in this journey, reinforcing our commitment to financial inclusion and the transition towards a cashless economy. By leveraging cutting-edge technology, we aim to not only simplify transactions but also improve security and efficiency in financial dealings across the country.”
The initiative is expected to significantly improve the customer experience at PSO fuel stations, making digital payments more convenient while enhancing security measures. By reducing the dependency on cash transactions, the partnership also aligns with Pakistan’s broader economic goals of strengthening financial infrastructure and promoting digital payments across various sectors. With this collaboration, Faysal Bank and PSO have laid the foundation for a more connected and technologically advanced payment ecosystem, contributing to Pakistan’s digital transformation and economic growth. As the country moves towards greater financial inclusion, such initiatives will play a crucial role in shaping a modern, efficient, and secure digital economy.
