Mastercard, BOK, and LMKR Revolutionize Transit Solutions in Peshawar with Innovative Partnership
August 28, 2023 | Pakistan
Pakistan – 28 August, 2023: Mastercard, Bank of Khyber (BOK), and LMK Resources Pakistan (Private) Limited (LMKR) have partnered to transform Peshawar's mass transit system. Under the Mastercard Transit Partner Program Agreement, this collaboration will advance Pakistan's transit landscape and drive financial inclusion for the city’s residents.
The partnership empowers BOK and LMKR to leverage Mastercard’s expertise to enable the development and implementation of cutting-edge EMV® transit solutions. The solutions are set to redefine the travel experience by introducing an advanced open-loop payment method, effectively eliminating the need for conventional paper tickets. Commuters can enjoy a seamless experience, using their debit and credit cards to pay for bus fares, in line with Pakistan’s digital transformation goals.
“For over a decade, Mastercard has been at the forefront of shaping smart cities and urban mobility solutions as we engage in transformative transit projects across the globe. We are committed to introducing innovative digital solutions to enable faster, safer and more convenient payment experiences for the communities we serve. Our alliance with Bank of Khyber and LMKR harnesses our global expertise, ensuring a seamless travel experience for Peshawar’s commuters through our renowned transit payment solutions,” said J.K. Khalil, Cluster General Manager, MENA East, Mastercard.
“At Bank of Khyber, we're committed to enhancing the everyday experiences of our customers. This collaboration with Mastercard and LMKR marks a leap forward in that direction with introducing a smarter and more efficient way to travel. With the combined expertise of our partners, we're now turning this dream into reality. Our collective efforts aim to bring unmatched ease and convenience to daily commutes, while also building a system that promotes financial inclusivity for the people of Peshawar,” said Ali Gulfaraz, CEO & MD Bank of Khyber.
“At LMKR, our commitment is to reshape transit payments through innovative collaborations, envisioning a future where seamless contactless payment solutions redefine commuting convenience for all. This vision echoes in our dedication to enhancing connectivity, streamlining journeys, and elevating overall commuting experiences. Ultimately, this creates a more accessible, efficient, and interconnected transit landscape,” expressed Atif Rais Khan, CEO & Chairman of LMKR.
This collaboration highlights Mastercard's commitment to enhancing transit solutions and the collaboration of BOK with LMKR reflects their drive to create a unified financial and digital ecosystem that caters to evolving commuter needs. The innovative open-loop payment solution ensures secure, scalable, and cost-effective travel payments, while offering flexible fare calculation methods.
Aligned with Pakistan’s digital transformation ambitions, this partnership sets a new standard in transit solutions, placing strong emphasis on accessibility, convenience, and financial inclusion.
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