Karachi, Pakistan – In a move aimed at further strengthening its footprint across the wider Middle East and Africa region, Mastercard, a leading technology company in the global payments industry, today formally commenced 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 is expected to benefit a large number of existing and potential customers with a fast, secure and convenient payment experience on mobile banking apps.
“Pakistan has always been a key strategic market for Mastercard and in the last couple of years, we have further sharpened our focus in the market to tap into the country’s tremendous growth potential and appetite for innovation in payments technology. We are proud of the strong business relationships we share with all the prominent partners across the country, and look forward to collaborating and engaging with them on a deeper level to advance the cause of financial inclusion in Pakistan and drive the country’s shift from cash to a cashless economy,” said Aurangzaib Khan, Area Head, Pakistan and Afghanistan, Mastercard.
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.
Dedicated to expanding the reach of its industry-leading offerings across Pakistan, Mastercard currently has 17 key issuers in the country, covering the entire spectrum of payment card issuance from debit and credit, and corporate cards.