Mastercard options in South Asia range from virtual payment cards to physical bank debit and credit cards. Get the details on five options available in South Asia
Key takeaways
- Virtual Mastercard options support online business spending, while physical debit and credit cards offer additional in-person payment and banking features
- Wise, Payoneer, HBL and Faysal Bank offer different Mastercard options, with availability, card types, supported currencies and fees varying across Pakistan and Bangladesh
- The World Card supports payments in 150+ currencies and offers up to 20 virtual cards with zero issuance fees
A virtual Mastercard gives businesses access to digital card details for making payments through websites and online platforms that accept Mastercard. Depending on the issuer, users may be able to create multiple cards, set spending controls and track transactions digitally.
This guide compares five Mastercard options available in South Asia, outlining their features fees and availability. It explores a virtual card by WorldFirst, the World Card, which is powered by Mastercard for international business payments.
What is a virtual Mastercard?
A virtual Mastercard is a digitally issued payment card that uses the Mastercard network without requiring a physical plastic card. Businesses use virtual cards for online purchases, advertising platforms, software subscriptions and supplier payments.
Virtual cards are generally connected to an account or payment service, allowing users to pay from available balances. Physical Mastercard debit cards connect spending to a bank account, while physical credit cards provide access to a credit limit that must be repaid under the issuer’s terms.
Best Mastercard options in South Asia
| Fee type | World Card fees | Payoneer Card fees | HBL Business Debit Card | HBL Credit Card fees10 | Faysal Debit Card fees6 |
| Card issuance | Zero | Zero4 | Not specified | Zero |
|
| Annual fee | Zero | US$29.95 annually4 | Not specified |
|
Not specified |
| Currency conversion | Zero when spending in 15 currencies | Up to 3.5%3 | Not specified | 4% | Not specified |
1. World Card by WorldFirst
The World Card is a virtual card powered by Mastercard for international business transactions. Businesses across South Asia can use it to pay for digital advertising, software subscriptions, supplier purchases and other recurring expenses at merchants that accept Mastercard.
Connected to the World Account, a multi-currency account for businesses, the World Card lets users spend from balances held in multiple supported currencies, including USD, GBP and EUR.
To fund the card, businesses first add money to their World Account in a supported currency and then use the available balance to make card payments. Purchases made in a currency already held in the account incur zero currency conversion fees across the 15 supported currencies, provided the balance covers the transaction. If the account lacks the required currency, WorldFirst applies its relevant exchange rate to convert the available funds.
Key features of the World Card
- Pay for business expenses in 150+ currencies wherever Mastercard is accepted
- Create up to 20 virtual multi-currency cards with zero issuance costs
- Avoid currency conversion fees when spending from sufficient balances in the 15 supported currencies
- Set card spending limits, freeze cards when needed and monitor transactions through the World Account dashboard
| Fee type | World Card fees |
| Card issuance | Zero |
| Annual fee | Zero |
| Currency conversion | Zero when spending in 15 currencies |
*Fees checked in October 2026
Learn how to receive USD payments in South Asia
2. Payoneer Card
Payoneer offers Mastercard-powered physical and virtual cards for customers in Pakistan and Bangladesh.1 These cards allow users to pay for international business expenses using funds available in their Payoneer accounts.1,2
Each card is linked to a single currency balance, such as USD, EUR or GBP.1,2 Payments draw on the relevant balance when sufficient funds are available.1,2 Otherwise, Payoneer may convert funds from another supported currency, with applicable conversion charges.3
| Fee type | Payoneer Card fees |
| Card issuance | Zero4 |
| Annual/monthly fee | US$29.95 annually4 |
| Currency conversion | Up to 3.5%3 |
*Fees checked in October 2026
Check out Payoneer alternatives in this guide
3. HBL Business Debit Card
Habib Bank Limited (HBL) provides business debit card options for SMEs, sole proprietors and entrepreneurs, including Classic and World variants powered by Mastercard. The bank also offers cards on other payment networks.
HBL cards support everyday business purchases and cash access through ATMs. The card is accepted at more than 50,000 merchants and can be accessed at over 11,000 ATMs across Pakistan, alongside international acceptance where the relevant network is supported.
Pricing: Not specified
*Fees checked in October 2026
Learn everything about USD to PKR exchange rates
4. Faysal Bank Business Debit Card
Faysal Bank’s Business Debit Card is a physical card that supports business purchases, travel expenses and online transactions, both locally and internationally.5 Published limits include up to PKR 500,000 for ATM withdrawals, PKR 2 million for point-of-sale purchases and PKR 1 million for interbank or fund transfers.5 Additional benefits include airport lounge access, travel and e-commerce protection, business offers and international shipping discounts, subject to the card’s applicable terms.5
| Fee type | Faysal Debit Card fees6 |
| Card issuance |
|
| Annual/monthly fee | Not specified |
| Currency conversion | Not specified |
*Fees checked in October 2026
5. HBL Mastercard Credit Cards
HBL offers Mastercard credit cards in Pakistan for everyday purchases, shopping and travel.7 Benefits vary by card variant, with the Platinum Credit Card offering selected international airport lounge access and travel and lifestyle privileges.8 Gold and Green Credit Cards provide reward points and shopping and dining offers, while Gold cardholders may also access CIP lounges, subject to applicable terms and conditions.9
| Fee type | HBL Credit Card fees10 |
| Card issuance | Zero |
| Annual fee |
|
| Currency conversion | 4% |
*Fees checked in October 2026
Which Mastercard fits your business?
- Online spending: Virtual cards support digital purchases, advertising, software subscriptions and supplier payments without requiring a physical card
- Local purchases and cash access: Physical debit cards connect spending to a business bank account and can support in-store purchases and ATM withdrawals
- Borrowing and rewards: Physical credit cards provide access to a credit limit, with repayment obligations, interest and benefits determined by the issuer
- Cross-border business expenses: Multi-currency virtual cards can reduce conversion costs when spending from an available balance in a supported transaction currency
- Team spending: Multiple virtual cards can separate expenses by employee, project or subscription, subject to the provider’s card limits and controls
FAQs
1. What’s the best virtual Mastercard for Pakistani businesses?
Pakistani businesses can choose virtual Mastercard options based on card availability, account eligibility, supported currencies and applicable fees. Physical Mastercard debit and credit cards issued by local banks are also available for online purchases, in-store payments and other business expenses.
2. Can I get a free virtual Mastercard?
Some providers offer zero card issuance fees. For example, WorldFirst customers can issue up to 20 World Cards at zero issuance cost. Other charges may still apply to transactions or currency conversion, depending on the payment and available balance.
Sources
- https://payoneer.custhelp.com/app/answers/detail/a_id/18226/~/account-with-card—faq
- https://www.payoneer.com/multi-currency-account/
- https://payoneer.custhelp.com/app/answers/detail/a_id/6118/~/what-is-the-currency-conversion%2Fcross-border-fee%3F
- https://www.payoneer.com/about/pricing/
- https://www.faysalbank.com/business-debit-cards/business-debit-card
- https://www.faysalbank.com/assets/documents/FBL-English-SOC.pdf
- https://www.hbl.com/personal/credit-cards
- https://www.hbl.com/personal/credit-cards/platinum-credit-card
- https://www.hbl.com/personal/credit-cards/hbl-gold-green-credit-card
- https://www.hbl.com/assets/documents/HBL_CC_KFS_Jan_2025_Eng.pdf
This article is intended for informational purposes only and does not constitute legal advice or professional advice. This article should not be regarded as constituting an offer or a solicitation to buy or sell any regulated or financial products or services. WorldFirst makes no representations or warranties regarding the accuracy, completeness, or applicability of the content, and readers are encouraged to consult with legal professionals or other professionals for advice tailored to their specific situation. WorldFirst does not guarantee the accuracy and completeness of this article and expressly disclaims any and all liability to any person in respect of the consequences of anything done or omitted to be done wholly or partly in reliance on this article.
