Bank Alfalah Launches Alfa App and Pakistan’s First Instant Credit Cheque Deposit Kiosk

Bank Alfalah, Pakistan’s leading digital bank, has launched a new mobile banking application called Alfa. The app aims to offer more than traditional banking by becoming a “digital lifestyle” app, providing features that encourage financial inclusion and convenience.

Key Features of Alfa

The new Alfa app offers advanced features for saving, investing, and borrowing, along with a redesigned user interface that integrates seamlessly into users’ lifestyles.

Save and Invest

• Get a clear view of net worth, including savings, deposits, investments, and borrowings.
• Save funds in term deposit receipts with both conventional and Islamic options.
• Invest instantly in mutual funds, securities, Pakistan Investment Bonds, and treasury bills.
• Set personal financial goals with automated scheduling and insurance.
• Open digital accounts in various currencies (PKR, USD, GBP, EUR, and AED) and convert currencies online.

Borrow

• Access quick loans up to PKR 750,000/- instantly.
• Use AlfaMall’s “Buy Now, Pay Later” plan to shop.
• Instantly receive a credit card and access overdraft facilities.
• Get digital financing options for agriculture and automobile purchases.

Digital Onboarding

• Simplified sign-up using CNIC, with options to block or unblock cards easily.
• Customize Alfa app settings, set transaction limits up to Rs. 10 million, and personalize the home screen.
• Log into Internet banking through Alfa, avoiding separate login credentials.

Payments

• Schedule bill payments set spending limits with a virtual debit card, and make contactless payments using tokenization.
• Use Alfa to scan QR codes and pay merchants, split payments across various funding sources, and automate bill payments.

A Revolutionary Cheque Deposit Kiosk (CDK)

Bank Alfalah also launched Pakistan’s first fully digital Cheque Deposit Kiosk (CDK) at the Alfa app event. This innovation uses Optical Character Recognition (OCR), biometrics, and machine learning to process cheques 24/7 securely. Aimed at reducing teller transactions, the CDK offers real-time cheque clearing, which is especially beneficial for small businesses.

Curtain Raiser Event Highlights

The Alfa app launch was held at Bank Alfalah’s Digital Lifestyle Branch, with key figures like Syed Sohail Jawaad, Executive Director of the State Bank of Pakistan, and former Governor Syed Salim Raza in attendance. The event showcased Bank Alfalah’s commitment to digital banking innovations and future-ready banking solutions.

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