Bank Alfalah and MasterCard had signed an agreement to bring the MasterCard Internet Gateway system (MIGS) in Pakistan soon. This partnership will help Pakistan and its consumers to build a stronger connection with online retailers and other people in the online trade.
Bank Alfalah Launches MasterCard Internet Gateway System in Pakistan very soon
This MasterCard Internet Gateway System (MIGS) will allow the customers by using credit cards on internet to connect with the merchants and websites. The system will also enable to get the payments into their bank accounts.
As from all around the world banks are partnered with MasterCard, Visa, and American Express. Merchants of an online shop that offers online delivery accepts cards which are embedded with Visa or MasterCard. Banks only do transactions from one account to another. The accounts may be within the same bank or another bank. As the banks don’t really have access to completely verify the accounts and pay online transactions to external merchants.
Speaking on the occasion, Mr. Atif Bajwa, President & CEO, Bank Alfalah said:[pull_quote_center]“We continue our quest to develop a world class payments eco system in Pakistan that creates value and convenience for customers, merchants, and partners. Bank Alfalah will leverage its flagship merchant acquiring business to develop the e-commerce space through MIGS in the country.”[/pull_quote_center]
Mr. Raghu Malhotra, President, Middle East and North Africa, MasterCard comments:[pull_quote_center]“We are delighted to announce this deal with Bank Alfalah as we continue to drive the evolution of payments in Pakistan. Business owners can now easily take their businesses online and offer their customers the convenience and security of electronic payments.”[/pull_quote_center]
This partnership will be a great significance for Pakistan to stand in Internet marketing and E-commerce. As this step will provide different ways to consumers to conduct business as buyers and sellers. The most important thing is that MIGS is not restricted to Pakistan but it also allows the consumers to conduct purchases on any other website or internet retailer.