1LINK

Last updated
1LINK
1LINK logo.svg
Operating area Pakistan
Members37
ATMs14,000+
Founded1999
Website https://1link.net.pk/

1LINK (Guarantee) Limited is a consortium of major banks that own and operate the largest representative interbank network in Pakistan and is incorporated under the Company Law, Section 42 by Security and Exchange Commission of Pakistan (SECP). 1LINK has been converted to a Private Limited Company under section 49 of Companies Act 2017 on July 5, 2018.

Contents

History

Timeline

1LINK is owned by the consortium of eleven major banks of the country and operates through a chief executive officer. The company Board consists of eleven directors, one from each founder member bank.

The number of 1LINK member banks has increased rapidly since the inception of the company in 2004.

1LINK is the largest banking consortium in Pakistan. The State Bank of Pakistan has mandated that all commercial banks in Pakistan, both foreign and domestic, become members of 1LINK. Additionally, the four switches have been interconnected since 2006, which means that a consumer holding an ATM or debit card issued by any bank in Pakistan may use any ATM located throughout the country.

1Link logo on UBL Wiz Visa Card UBL Wiz Visa.jpg
1Link logo on UBL Wiz Visa Card

Statistics

Products and Services

PayPak - Domestic Payment Scheme

In line with State Bank of Pakistan vision 2020 to enhance and promote financial inclusion, 1LINK launched Pakistan’s first domestic payment scheme – PayPak in April, 2016. [5]

PayPak has 10% of market share in terms of volume of cards in the market. [6]

While Visa has 40%, Mastercard and UnionPay have 25% each of market share. [6]

See also

Related Research Articles

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PayPak is a Pakistani domestic financial services and payment service launched by 1Link under the State Bank of Pakistan Vision 2020. Currently, 35 of the country's banks have adopted it. The reason to launch this domestic payment scheme was to save inter-change costs of International Payment Schemes. PayPak cards can only be used on ATMs & POS Terminals throughout Pakistan and enabled for online transactions.

References

  1. 1 2 "State Bank of Pakistan". www.sbp.org.pk. Retrieved 2021-01-25.
  2. "State Bank of Pakistan". www.sbp.org.pk. Retrieved 2021-01-25.
  3. "1Link -Business Partners". Archived from the original on 2021-02-01. Retrieved 2021-01-25.
  4. "1Link -Product Services" . Retrieved 2021-01-25.
  5. "1Link -PayPak". Archived from the original on 2019-07-23. Retrieved 2021-01-25.
  6. 1 2 "SBP wants the cheap PayPak to be the default debit card; the banks don't". Profit by Pakistan Today. 2021-01-24. Retrieved 2021-02-19.