The global payments service provider Mastercard has formally launched its operations in Pakistan, with the opening of a dedicated Mastercard office in Karachi.
Building on the company’s growing presence in the market since the 1990s, 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 will benefit a large number of existing and potential customers with a fast, secure and convenient payment experience on mobile banking apps.
Driving Online Payments in Pakistan
Mastercard is also at the forefront of 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 both, the debit and credit, and corporate cards.