HBL and Virtual University sign Internet Payment Gateway Agreement

Lahore, November 11th, 2015: HBL, Pakistan’s largest bank entered into an Internet Payment Gateway Agreement with Virtual University of Pakistan (VU), the first of its kind university in Pakistan.

A ceremony marking this event was held at HBL Regional Head Quarters, Lahore on Tuesday. The participants included Dr. Naveed A. Malik, Rector of VU , Mr. Naeem Tariq, Director of Finance, VU, Mr. Faiq Sadiq, Head of HBL’s Payment Services Group and Ms. Sobia Chughtai, HBL’s Corporate Head – Central, along with other members of both organizations.

The agreement allows HBL to offer an exclusive online payment platform for the VU community, especially students. Paying for lectures, examinations and tuition fees online is an enormous capability being introduced by VU for its patrons using HBL InternetPaymentGateway (IPG).

HBL InternetPaymentGateway is powered by VISA – Cybersource, which holds 60% of the payment gateway market. The platform is fully equipped with modern fraud control tools and transaction security features.

Speaking on the occasion, Dr. Malik expressed his gratitude towards HBL for offering online financial solutions focused on improving the existing payment mechanism. He added that the services aimed to facilitate students, in particular VU’s overseas strength, giving them the benefit of paying their fees using plastic. He hoped that “the VU and HBL relationship to further grow under a mutually beneficial partnership”.

Mr. Sadiq said that “Educational institutions are key to our Country’s future and Virtual University is playing a vital role towards enhancing the educational sector. Our recent alliance with VU on IPG is a stepping stone towards cementing our existing relationship.

We are delighted to partner with educational institutions and look forward in building a better, stronger community with a common aim in improving lives of students / faculty by providing efficient, reliable, cost effective and next generation financial services through alternate channels.”