Bank Alfalah Unveils Its Flagship New Alfa App and Pakistan’s First Instant Credit Digital Cheque Deposit Kiosk

Bank Alfalah, a leading commercial bank in Pakistan and recognized as the Best Bank for Digital Banking, has announced the launch of its new mobile banking application, Alfa. The New Alfa app is designed to enhance financial inclusion by evolving beyond a standard transactional banking app into a comprehensive digital lifestyle platform. Users can now explore Alfa’s advanced features, which include savings, investments, and borrowing options, all integrated into a modern user interface that seamlessly blends banking into everyday life.

The launch event for the Alfa app took place at Bank Alfalah’s Digital Lifestyle Branch, officiated by Mr. Syed Sohail Jawaad, Executive Director of the State Bank of Pakistan, and Mr. Syed Salim Raza, former Governor of the State Bank of Pakistan. Senior leadership from Bank Alfalah and key opinion leaders from the digital sector were also in attendance, marking a significant step in the bank’s commitment to digital innovation. Muhammad Yahya Khan, Chief Digital Officer of Bank Alfalah, provided an in-depth presentation on the new Alfa App, highlighting its many innovative features, including:

Save and Invest:

•Get a complete overview of your net worth, encompassing savings, deposits, investments, and loans.
• Save and invest in term deposit receipts through the Alfa App, with options for both conventional and Islamic banking to earn profits on your balances.
• Instantly invest in mutual funds, securities, Pakistan Investment Bonds, and treasury bills.
• Set personal financial goals and activate an automated scheduler with insurance.
• Open digital accounts in PKR (both conventional and Islamic, saving or current), as well as USD, GBP, EUR, and AED, with seamless online currency conversion between accounts.

Borrow:
• Access quick loans of up to PKR 750,000 instantly.
• Purchase products with a “Buy Now, Pay Later” payment plan via AlfaMall.
• Obtain a credit card on the spot.
• Gain instant access to overdraft facilities on accounts.
• Availability of digital agriculture financing and digital automobile loans.

Digital Onboarding:
• Simplified onboarding based on the user’s CNIC.
• Block or unblock debit/credit cards across multiple channels (point-of-sale, e-commerce, ATMs—both locally and internationally).
• Adjust Alfa App limits according to user segments, with a daily limit of up to Rs. 10 million depending on user type.
• Receive statements that display the names of those who sent or received money, rather than account numbers.
• Log in to internet banking via the Alfa app, eliminating the need for separate login credentials.
• Personalize the home screen with preferred widgets and select your language of choice.

Payments:
• Automate bill payments for utilities, school fees, and loan repayments, ensuring no due dates are missed.
• Access a virtual debit card with personalized spending limits and expiration dates for secure e-commerce transactions.
• Use secure tokenization for seamless, contactless payments without needing a physical card.
• Scan and make payments to any merchant QR code through the app.
• Split payments across multiple funding sources, such as accounts, credit cards, or reward points.

At the launch event, the bank also introduced Pakistan’s first fully digital, instant-processing Cheque Deposit Kiosk (CDK). This innovative solution provides customers with a real-time cheque-clearing option. Developed by the bank’s own technologists and data scientists, the CDK utilizes advanced technologies such as Optical Character Recognition (OCR), biometrics, cryptography, and machine learning to accept, read, and process cheques digitally on a 24/7 basis for Bank Alfalah accounts.

This innovation aims to transition significant manual teller transaction traffic to a secure, automated digital platform available around the clock. Small businesses are expected to embrace this new technology, just as they have adopted the bank’s Cash Deposit Machines, which now handle over PKR 500 billion in annual transactions.