Now more people in Pakistan will enjoy the benefits of Mobile Point of Sale as MCB launches Mobile Point of Sale (mPOS) Service in Pakistan. MCB introduces its mPOS services in collaboration with UnionPay International and Monet. MCB is one of the largest banks in Pakistan with a customer base of more than 4 million and a nationwide distribution network of branches more than 1500 across Pakistan.
On the launch ceremony of Mobile Point of Sale (mPOS), Mr Imran Maqbool, President MCB Bank Limited said:
“The joint venture between MCB, UnionPay International and Monet portrays prosperous and long term business relationship between the entities to jointly work towards redefining the payments ecosystem for the consumers in Pakistan.”
Mobile Point of Sale (mPOS) is a smartphone, tablet or dedicated wireless device that performs the functions of a cash register or electronic point of sale terminal (POS terminal). The point of sale (POS) is the time and place where a retail transaction is completed.
Mobile phones are replacing traditional Point of Sale (POS) services like credit cards, debit cards and ATM’s. Mobile Point of Sale (mPOS) has many benefits like:
- Secure Transaction
- Lower Investment Costs
- Highly Portable Solution
- Less Cash Management
- Fast Cash Transaction
Country Head UnionPay International, Asad Burney said:
“The growing popularity of mPOS acceptance solutions, especially among micro and small merchants is helping to drive the migration from cash to electronic payments. The UnionPay enabled program gives merchants and consumers the peace of mind they need when transacting with mobile phones”.
The Pakistan market largely consists of small-scale retail merchants, insurance companies, retail stores, food chains and online stores that rely on traditional cash based payment mechanisms. For transactions with retailers and merchants on a small scale holds people to carry on small amount of money with them. The Mobile Point of Sales (mPOS) will now give advantage to people to get themselves free from carrying small amount of money for such transactions.
The ceremony took place at MCB Tower Karachi and was attended by different representatives from MCB along with:
- Mr Imran Maqbool, President MCB Bank Limited
- Nadeem Afzal, Head MCB Retail Banking Group
- Ali Naqvi, Business Head MCB Digital Banking
- Ali Abbas Sikander, Chief Executive Officer Monet
- Asad Burney, Country Head UnionPay International