MasterCard and Visa Card are those two plastic money payment forms that are considered as the international and generally acceptable payment forms. According to MasterCard, it is going to collaborate with NADRA Technologies to bring e-payment system in Pakistan. There will be something new that will be collaboratively launched by MasterCard and NADRA as the new CNICs (SmartCard) will be used for making domestic and international payments.
During 2017 World Economic Forum, MasterCard has announced that soon the e-payment system will be launched in Pakistan that will work with NADRA Smart ID Cards only. Those holding new designed or SIM based ID cards in Pakistan will get this service. The new service will allow them to maintain the record of all their financial transactions and even receive the disbursements (grants, scholarships, financial aids, etc.) directly from the government. The 13-digit CNIC number will act as the unique account number of the customer.
After the merger of this new service in the current SmartCard, card holds will make the e-payments to conduct both domestic and international payments as well. This will set aside the requirement of visiting the bank for carrying physical transaction to transfer or exchange money.
According to MasterCard, “Our collaboration with Nadra is a testament to our commitment towards building a reliable and secure ecosystem for online payments in Pakistan. The new service will make international remittances more convenient both for the sender and beneficiary. This is significant since Pakistan is one of the top receivers of remittances from abroad. Combining the national identity card with payment features will transform it into a powerful, multi-purpose channel for citizens to carry out financial transactions, and will facilitate faster and more efficient delivery of vital government services.”
According to an economist, this will bring the new door of opportunities for Pakistanis because it will systemize their financial life in addition to making them able to make domestic and international payments without even visiting any financial institute.
