1LINK
Pakistan-based bank consortium From Wikipedia, the free encyclopedia
Pakistan-based bank consortium From Wikipedia, the free encyclopedia
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.
| |
| Operating area | Pakistan |
|---|---|
| Members | 37 |
| ATMs | 14,000+ |
| Founded | 1999 |
| Website | https://1link.net.pk/ |
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.
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]
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