Muslim Commercial Bank will collaborate with UnionPay International and Monet to launch mobile point-of-sale (mPOS) services across Pakistan.
Mobile point-of-sale is a secure and flexible mode of payment that is certified with international payment processing standards. It works on pay-as-you-go principle. Downstream small-scale retail merchants, insurance companies, retail stores and food chains primarily make up Pakistani market. Online stores are adding up to the market slowly and gradually. Traditional cash on delivery and cash on the spot payment mechanisms run the system at the moment.
The signing ceremony was held at MCB Tower in Karachi and Mr. Imran Maqbool (President MCB Bank), Mr. Nadeem Afzal (Head MCB Retail Banking Group South), Mr. Ali Naqvi (Business Head MCB Digital Bank), Mr. Ali Abbas Sikander (Chief Executive Officer Monet), Mr. Asad Burney (Country Head UnionPay International) and other senior officers of MCB Bank were present on this occasion.
Mr. Imran Maqbool on this occasion said that
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 said 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
Asad Burney commented that
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
Ali Abbas Sikander, CEO Monet said that
Monet has collaborated with MCB Bank to provide its Mobile POS technology services to add a new payment experience with mobility
MCB Bank hopes that its collaboration with Monet and UnionPay International will introduce low-cost, card-based payment method that will be convenient as well as secure for both the merchant and consumer. Due to mobility feature, it is anticipated that soon this method will be acceptable in Pakistani market and within coming five years it might become one of the most popular mode of payments in Pakistan.
