The Punjab Information Technology Board (PITB) has formally entered into a strategic agreement with the Bank of Punjab (BOP) to significantly enhance the capabilities of PayZen, its flagship digital payment solution. This collaboration aims to streamline financial workflows and digitize collection processes across the province. The Memorandum of Understanding was signed during a dedicated ceremony where PITB Director Development and Procurement Ata ur Rehman and BOP Chief Digital Officer Nofel Daud represented their respective organizations. The event was attended by key stakeholders including PITB Chief Financial Officer Nadia Riaz, Joint Director for PayZen Syed Ijlal Hussain, BOP Head of Digital Banking Imran Ashraf, and Head of Fintech and Innovation Ijaz Shaukat. This gathering highlights the commitment of both the public sector technology body and the financial institution to drive the adoption of digital financial services in the region.
Under the terms of this newly forged partnership, BOP will act as the primary partner bank for PayZen, taking on critical responsibilities related to seamless collection and detailed reporting. The agreement mandates that the bank will provide a comprehensive suite of digital services, including instant payment processing, Quick Response (QR) code facilities for easy scanning and paying, and robust Internet Payment Gateway (IPG) services. Furthermore, the collaboration focuses heavily on technical interoperability through complete Application Programming Interface (API) integration. This technical alignment is designed to ensure that transactions are not only secure but also executed in real-time, reducing the latency often associated with traditional government collection methods. By integrating these advanced banking technologies, the initiative seeks to remove friction from the payment experience for citizens and businesses alike, making it easier to interact with government entities financially.
PITB Chairman Faisal Yousaf commented on the development, noting that the partnership with the Bank of Punjab is a pivotal step in upgrading the digital payment capabilities of PayZen. He emphasized that by enabling secure and instant payments, the organization aims to support the broader digital transformation goals of Punjab while simultaneously fostering financial inclusion. PayZen, developed by PITB, serves as a web-based platform specifically engineered to enable users to digitize their collection processes. It offers a multitude of payment channels to ensure maximum accessibility, including mobile banking applications, Automated Teller Machines (ATMs), debit and credit cards, TCS courier offices, and various branchless banking operators. This multi-channel approach ensures that users from all demographics, regardless of their tech-savviness or access to traditional banking, can utilize the platform effectively.
The collaboration is expected to have a far-reaching impact on the financial ecosystem of the province by promoting a cashless culture and enhancing transparency in public sector revenue collection. By leveraging the extensive digital banking infrastructure of BOP, PayZen can scale its operations and offer more reliable services to its growing user base. The move aligns with the national agenda to document the economy and reduce reliance on physical cash transactions. As the technical teams from both organizations work towards full integration, the focus remains on delivering a user-friendly interface that simplifies complex financial transactions. This initiative represents a continued effort by provincial authorities to leverage technology for governance and economic efficiency, setting a precedent for public-private partnerships in the financial technology sector.
Follow the SPIN IDG WhatsApp Channel for updates across the Smart Pakistan Insights Network covering all of Pakistan’s technology ecosystem.
