Faysal Bank Limited (FBL), one of Pakistan’s leading Islamic banks, has entered into a strategic partnership with Pakistan State Oil (PSO) to enhance digital payment acceptance at fuel stations across the country. This collaboration marks a significant milestone in advancing Pakistan’s digital financial landscape by offering seamless, secure, and innovative payment solutions to customers.
The Memorandum of Understanding (MoU) was signed at a ceremony held at PSO House, attended by Mr. Yousaf Hussain, President & CEO of Faysal Bank Limited, and Mr. S.M. Taha, Director & Managing Director of Pakistan State Oil, alongside senior executives from both organizations. This initiative aligns with both companies’ commitment to supporting Pakistan’s transition towards a cashless economy.
Under this partnership, Faysal Bank will deploy advanced Point-of-Sale (POS) solutions at PSO fuel stations, enabling customers to make digital transactions for both fuel and non-fuel purchases. The system, powered by FBL’s fintech partner AltPay, will integrate payment acceptance across multiple channels, including bank-issued debit and credit cards, PSO fuel cards, and other digital payment methods. This will ensure real-time transaction visibility and provide customers with a seamless payment experience.
Commenting on the development, Mr. Yousaf Hussain, President and CEO of Faysal Bank, stated,
“We are committed to transforming Pakistan’s digital financial ecosystem by driving innovation and expanding access to seamless, Shariah-compliant payment solutions. Our collaboration with PSO marks a significant milestone in this journey, enabling customers to experience greater convenience and accessibility through digital transactions at fuel stations nationwide. By leveraging cutting-edge technology, we aim to not only streamline payments but also enhance security, efficiency, and transparency in financial transactions. This initiative aligns with our broader vision of fostering financial inclusion, promoting cashless transactions, and contributing to the country’s digital economic growth.”
The deployment of digital payment solutions at PSO fuel stations will not only improve customer convenience but also help accelerate financial inclusion by encouraging more users to adopt digital transactions. With Pakistan’s digital payment ecosystem growing rapidly, this initiative reinforces Faysal Bank’s dedication to leading the financial sector’s digital transformation while supporting PSO in modernizing its transaction infrastructure.
By integrating secure and efficient payment options, the collaboration between Faysal Bank and PSO sets the foundation for a more connected and technologically advanced financial ecosystem in Pakistan. This step is expected to encourage further innovation in digital payments, strengthening the country’s journey towards a cashless economy.
