Since launching in 2016, Mastercard's groundbreaking payment solution has proven to be a game-changing technology in Pakistan. Catering to the evolving needs of merchants and consumers, Masterpass QR is fuelling the growth in cashless transactions by enabling emerging entrepreneurs, smaller businesses and start-ups to accept instant and secure digital payments, cost-effectively.
The principle behind the technology is simple. Each business accepting Masterpass QR as a payment method is allocated its unique QR code, which they can display at the point of sale. When making a purchase, customers simply scans the QR code and enter the payment amount using the banking app installed on their smartphones, to complete the transaction in seconds.
As an innovative solution, Masterpass QR helps make cashless transactions accessible to all, at a low cost. In addition to being easy to deploy, the mobile-driven system offers multi-layered security features and a high level of convenience, allowing Pakistan's tech-savvy consumers to benefit from a swift and safe payment experience.
During the last 18 months, Masterpass QR has firmly established itself as the preferred alternative to cash transactions, and is now accepted at more than 50,000 merchant locations across the country. Contributing to this success story are the FonePay app, developed by Inov8 Limited, the mobile banking apps of United Bank Limited and Bank Alfalah, and Mobilink's JazzCash app, which have helped drive adoption throughout the country's previously untapped markets. Today, the solution is live with 10 issuers in the market.
Consumer adoption was driven by successful campaigns executed in collaboration with some of the country's leading brands, including Pizza Hut, Burger King, Cinepax, Metro Cash & Carry, Naheed Supermarket and other key brands. Mastercard's awareness efforts also included the Masterpass Golf Classic 2017 event in Karachi to drive awareness of the many benefits the technology brings to consumers.
With continuing economic growth forecast for Pakistan in 2018, Masterpass QR is poised to gain increasing momentum across the country, further strengthening Mastercard's position as a leading digital solutions provider in the global cashless market.
Masterpass QR has been launched in a total of 30 countries to date including Benin, Burkina Faso, Burundi, Cameroon, Central African Republic, Chad, Congo, Cote D'Ivoire, Democratic Republic of Congo, Gabon, Gambia, Ghana, Guinea, Guinea-Bissau, India, Kenya, Liberia, Malawi, Mali, Niger, Nigeria, Rwanda, Senegal, Sierra Leone, Togo, Uganda, United Republic of Tanzania, Vietnam, Zambia and Zimbabwe. The system has proved very popular across Asia and Africa, and is currently in its nascent stages in three European markets.-PR