In a move aimed at further driving the cashless ecosystem in Pakistan, Mastercard, a leading technology company in the global payments industry, has collaborated with Bank Alfalah Limited, the country’s premier banking institution, to enable its Masterpass QR service on the bank’s dedicated mobile banking app ‘Alfa’.
As Pakistan’s first interoperable digital payment service, Masterpass QR is a quick response (QR) mobile solution that allows consumers to make simple and secure digital payments across devices and channels. The cost-effective solution, which first went live in Pakistan in August 2016, makes it easy for users to pay for purchases made in-store and for a wide variety of goods and services.
With the integration of the QR payments solution from Mastercard into the app, Bank Alfalah’s customers will be able to make fast, simple and secure digital payments at any place where Masterpass QR is accepted. At the time of checkout, consumers will ‘simply scan to pay’ by accessing the Masterpass QR functionality on the Alfa mobile app, and then scanning the QR code displayed at the merchant’s checkout counter.
Thereafter, they are only required to enter the amount of the transaction and their PIN, to complete the transaction in seconds.
Aurangzaib Khan, Country Manager, Pakistan and Afghanistan, Mastercard, said:
“Since its launch in August 2016 in Pakistan, Masterpass QR has rapidly found favor with consumers, especially the growing segment of tech-savvy users in the market. The solution’s cost-effectiveness coupled with its simplicity of use and the high level of convenience it offers, has made it a popular payment acceptance solution for merchants operating in Pakistan’s burgeoning retail and e-commerce space. For consumers, Masterpass QR offers all the benefits of a convenient payment method along with Mastercard’s multi-layered safety and security features. Altogether, the technology is proving to be an easy, affordable and secure electronic payments solution that effectively caters to the evolving needs of both our customers and consumers.”
The easy to deploy, mobile-driven person-to-merchant payments solution enables retailers to accept immediate payments by reducing the exposure to risk.
The cost-effective Masterpass QR also enables Micro, Small and Medium Enterprises (MSMEs) access to digital payments, allowing them to elevate the payment experience of their existing clients and acquire new customers, who are currently relying upon cash to make purchases and payments.
Nauman Ansari, CEO Bank Alfalah, said:
“Bank Alfalah’s collaboration with Mastercard further strengthens our commitment to providing the best products and services to our customers, who are increasingly turning to mobile payments. Integrating the Masterpass Quick Response functionality within our mobile app gives our customers a simple and fast way to make payments with just a few taps on their mobile device, allowing them to complete their transactions quickly and conveniently.”
Pakistan Rupee Exchange Rate