MCB Bank, one of the largest lending firms in Pakistan, has entered into a partnership with Union Pay International, allowing the firms to provide mobile point-of-sale (mPOS) devices to small businesses across the country.
The technology has been developed by Monet, an Italian payments service provider that specialises in mPOS solutions. The technology has been developed to meet the increasing demand for contactless payment services for merchants in Pakistan.
Small business owners in the region have been experiencing difficulties when handling and transporting cash, so require a more secure payment system. The mPOS technology service comprises of a low-cost card reader along with a mobile app, making it possible for merchants to accept payments safely via their smartphones.
Merchants from around the globe are starting to use contactless payment services. Recently Payment Eye reported that in Singapore, small businesses can now use an mPOS device developed by M1, MasterCard and WireCard.
Han Wang, general manager of UnionPay International Middle East feels that mPOS technology is going in the right direction within Asia.
‘‘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,’’ explained Wang.
Monet has been involved with the deployment of mPOS services within Pakistan from day one. In January of this year, Monet collaborated with HBL Bank and MasterCard to provide the first contactless payment service within Pakistan.
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