Bank Alfalah in collaboration with Employees Old Age Benefits Institute (EOBI) initiated the digital model for EOBI pension disbursements in May 2016. This innovative system has provided more than 380,000 pensioners with a convenient and hassle-free process of collecting pensions through Union Pay International powered debit cards. In contrast to the previous mode of collection, the aged pensioners no longer have to visit branches, wait in long queues and brave harsh weather conditions every month.
In August 2017, Bank Alfalah marked another feat by enabling the Alif EOBI Cards for conducting free-of-cost transactions on POS terminals.
POS terminals have become an important part of the Pakistani retail industry and provide customers with a simple, fast and safe way of transacting. The country currently has a network of 40,000+ POS machines. Thus, this enablement has not only increased customer convenience but has also allowed them to indulge in the diversity of payment systems.
With digital wallets in place and the enablement of Alif EOBI Cards on POS terminals, pensioners will now be able to maintain their pension in their account, rather than withdrawing the entire amount in one go. It will facilitate a prudent use of the pension amount. Pensioners will also receive regular SMS upon withdrawal from their wallets which will help keep track of their balance. Cashless transactions also save customers from theft.
Before the enablement of POS machines on Alfalah EOBI debit cards, customers could not use the PKR 250 trapped in their wallets due to ATMs not allowing withdrawals of less than PKR 500. Now, the customers can use the extra PKR 250 in their wallets by conducting transactions at POS terminals.
Without having to visit an ATM or carry cash around, pensioners can conveniently conduct various useful transactions just by swiping their cards at POS terminals, completely free of cost.
Till date, the largest percentage, about 33%, of retail transactions by pensioners through POS have been conducted at grocery stores and dining areas. Additionally, a considerable amount of transactions conducted by pensioners are below PKR 250, often charged at fuel stations. Alfalah EOBI Debit Cards have also been used at other locations, ranging from hospitals to bakeries.
The card-holders are entitled to exciting discount options at various retail outlets including supermarkets, fuel stores, restaurants, hospitals and pharmacies. Further, Bank Alfalah plans to introduce cashback and giveaways for pensioners conducting transactions on POS terminals. The bank is also ensuring greater ease for pensioners through a professional and timely response to customer complaints and grievances.