In a move aimed at further strengthening its footprint across the wider Middle East and Africa region, Mastercard, a technology company in the global payments industry, today formally commenced its operations in Pakistan, with the opening of a dedicated Mastercard office in Karachi.
Mastercard Pakistan Private Limited will provide a wide range of industry-leading payments services, including debit, credit, prepaid, corporate, Mastercard Payment Gateway Services, Mastercard Rewards Solutions and digital payment solutions.
Mastercard’s recent achievements in Pakistan include the global launch of Masterpass QR, the country’s first interoperable digital payment service that allows banking consumers to use their mobile banking app to pay for in-store, bill payments (invoices) and for delivery with one secure account. The service is expected to benefit a large number of existing and potential customers with a fast, secure and convenient payment experience on mobile banking apps.
Mastercard is also driving online payments in Pakistan, by powering two of the key acquiring banks, including Bank Alfalah and MCB Bank. Recently, Mastercard also introduced HomeSend, a remittance solution with Meezan Bank, one of the key Islamic financial institutions in the country. Enabling card payments for smaller and micro merchants, Mastercard launched the first Mobile Point-of-Sale (mPOS) service in the country in collaboration with Habib Bank Limited in 2015.
Mastercard currently has 17 key issuers in the country, covering the entire spectrum of payment card issuance from debit and credit, and corporate cards.