MCB Bank has collaborated with UnionPay International and Monet to launch its mobile point-of-sale (mPOS) service across Pakistan.
The mPOS solution is secure, flexible and certified with international payment processing standards that work on the ‘pay-as-you-go’ principle. The Pakistan market primarily consists of downstream small-scale retail merchants, insurance companies, retail stores, food chains and online stores that rely on traditional cash based payment mechanisms.
Mr Imran Maqbool, President MCB Bank Limited, Mr. Nadeem Afzal, Head MCB Retail Banking Group – South, Mr Ali Naqvi, Business Head MCB Digital Banking (officiating), Mr. Ali Abbas Sikander, Chief Executive Officer Monet, Mr. Asad Burney, Country Head UnionPay International, and other senior representatives from MCB Bank Limited were present at the signing ceremony held at MCB Tower Karachi.
Speaking on the occasion, Mr. Imran Maqbool said, “The joint venture between MCB, UnionPay International and Monet portrays prosperous and long term business relationship between the entities to jointly work towards redefining the payments ecosystem for the consumers in Pakistan.”
Mr. Nadeem Afzal expressed that, “This mobile banking technology that is being brought by MCB Bank, is the need of the hour. With mPOS, we are bringing convenient and secure mobile checkout for both, consumers and merchants alike.”
Mr. Asad Burney, Country Head UnionPay International, commented, “The growing popularity of mPOS acceptance solutions, especially among micro and small merchants is helping to drive the migration from cash to electronic payments. The UnionPay enabled program gives merchants and consumers the peace of mind they need when transacting with mobile phones”.
“Monet has collaborated with MCB Bank to provide its Mobile POS technology services to add a new payment experience with mobility.” said Ali Abbas Sikander, CEO at Monet.
MCB Bank, in collaboration with Monet and UnionPay International, envisages automating the entire payment processing mechanism in these retail segments using mPOS as a low-cost, card-based payment acceptance method; ensuring ease of mobility and convenience for both merchants and consumers.