In an effort of driving the cashless ecosystem in Pakistan, payments industry leader Mastercard has collaborated with Bank Alfalah Limited. In this partnership, Bank Alfalah will enable Masterpass QR service on the bank’s dedicated mobile banking app ‘Alfa’.
Masterpass QR is a quick response (QR) mobile solution that allows the consumer to make simple and secure digital payments across devices and channels, and is Pakistan’s first interoperable digital payment service. This cost-effective solution went live in Pakistan in August 2016, making it easier for customers to make purchases.
With the integration of the QR payments solution from Mastercard into the app, Bank Alfalah’s customers will be able to make fast, simple and secure digital payments at any place where Masterpass QR is accepted.
Using the Masterpass QR is extremely simple; all the customer has to do is at the time of checkout, simply scan to pay by accessing the Masterpass QR functionality on the Alfa mobile app, and then scanning the QR code displayed at the merchant’s checkout counter. They are only required to enter the amount of the transaction and their PIN, to complete the transaction in seconds.
Country Manager Mastercard, Aurangzaib Khan speaking on the occasion said,
“Since its launch in August 2016 in Pakistan, Masterpass QR has rapidly found favor with consumers, especially the growing segment of tech-savvy users in the market. The solution’s cost-effectiveness coupled with its simplicity of use and the high level of convenience it offers, has made it a popular payment acceptance solution for merchants operating in Pakistan’s burgeoning retail and e-commerce space.”
According to him, for consumers Masterpass QR is offering all the benefits of a convenient payment method along with Mastercard’s multi-layered safety and security features.
The cost-effective Masterpass QR also enables Micro, Small and Medium Enterprises (MSMEs) access to digital payments, and allows them to elevate the payment experience of their existing clients and acquire new customers, who are currently relying upon cash to make purchases and payments.
Nauman Ansari, CEO Bank Alfalah said:
“Bank Alfalah’s collaboration with Mastercard further strengthens our commitment to providing the best products and services to our customers, who are increasingly turning to mobile payments. Integrating the Masterpass Quick Response functionality within our mobile app gives our customers a simple and fast way to make payments with just a few taps on their mobile device, allowing them to complete their transactions quickly and conveniently”