MCB Launches the World’s 1st Socially Connected Mobile Wallet
New Year starts with a bang as MCB launches the world’s 1st socially connected Mobile Wallet backed by the powerful technology giant –VISA.
In their marketing campaign they pose the public a thought provoking question “are you getting the most out of your smart phone?” As it turns out, even though our phones are our most prized possessions, yet we fail to utilize them to their true and maximum potential.
The Mobile Wallet, simply put, is just like your real world wallet except that it’s intangible and in the “cloud.” It goes everywhere with you, yet you don’t have to carry it. You can load money in it digitally through your existing bank account and link it to your existing telecom provider and smart phone without any need for switching your phone/bank/telecom operator. Once the money is in, you can make payments free of charge, buy top-ups, pay bills, shop online, enjoy discounts and much more from anywhere in the world through a combination of the mobile wallet and Visa Card.
Not only this but you can also invite your friends, family and business partners to join-in by logging in and evoking the ‘pass-it-on’ function within the service. Sending invites through the wallet is as easy as sending a friends request on Facebook or any other social media.
Ali Kazmi Group Head, Retail at MCB Bank, said:
The Bank believes that the greatest benefits are derived from MCB Lite if it is established & practiced in social groups. It’s similar to operating and owning an email account or a fax machine. There is no point in having one if you are the only one with the machine or an email account as there will be no one to send or receive faxes or emails to. In other words, the more acquaintances you have on MCB Lite the greater the benefit in terms of time saved and money saved through just-in-time, free person-to-person mobile initiated payments
Qasif Shahid, Head Digital Banking & Business Development at MCB Bank Ltd, said:
Through our previous work in the mobile/digital payments space and working closely with Visa we have realized that the road to going viral, attaining scale and changing behavior hinges on creating payments solutions that are; bank, telecom & device independent, free of charge, interoperable and support frictionless onboarding processes. MCB Lite is built exactly on these 4 cardinal principles and we hope it revolutionizes the payment behavior of the masses in a top-down approach.
Imran Maqbool, President & CEO, MCB Bank Ltd, said:
MCB Lite complements the excellent work that is already happening in the industry for financial inclusion. All of it has been possible due to the remarkable regulatory framework set-up by SBP and initiatives so far led by telecom operators with the exception of one large bank. Most of the players are operating at the bottom of the opportunity pyramid, with MCB Lite; we aim to play in the parts of the opportunity pyramid that remains largely unoccupied by others.
In future, MCB plans to expand and strengthen their proposition by introducing innovative features and functions by keeping in line with their philosophy of co-creating products with their consumers.