Mastercard and Bank Alfalah have formed a strategic partnership to empower businesses in Pakistan through the launch of two of Mastercard’s market-leading solutions powered by Mastercard Payment Gateway Services – Tap on Phone and Simplify Commerce – which use technology to catalyze success and boost financial inclusion for businesses across the market, with a particular focus on small businesses.
Mastercard Tap on Phone, a creative, intuitive, and cost-effective application that allows businesses to embrace electronic acceptance through their smart mobile or tablet device, is now available to businesses of all sizes as part of the agreement. Businesses may give it to their customers right away after downloading it, giving them a flexible, seamless, easy, and secure checkout experience.
Tap on Phone transforms Android handsets into secure payment acceptance devices for contactless cards, mobile wallets, and smartwatches — without the need for additional hardware or setup fees, making it ideal for SMEs.
In addition to the cooperation with Bank Alfalah, Mastercard Simplify Commerce will be launched for the first time in Pakistan.
As businesses enter and thrive in the digital marketplace, the technology provides a range of robust payments and business management tools that assist streamline backend procedures, allowing merchants to focus on essential company functions.
According to the Pakistan Bureau of Statistics, SMEs account for about 90% of all privately owned firms in Pakistan and employ nearly 78 percent of the non-agricultural work population, indicating the enormous potential for digitalization of these businesses to strengthen the country’s economy.