Telenor Microfinance Bank and Mastercard to boost cashless payments in Pakistan

In a major move aimed at further driving the cashless ecosystem in Pakistan, Mastercard, a leading technology company in the global payments industry, and Easypaisa, the first and largest mobile financial service (MFS) provider in the country, will now enable Masterpass QR payments for Easypaisa Mobile Account users on the Easypaisa smartphone App.

Masterpass QR is the country’s first interoperable QR payment service that allows smartphone consumers to simply scan a QR code at thousands of merchants countrywide and make instant and secure payments.

Masterpass QR is the Country’s First Interoperable QR Payment Service

The innovative and cost-effective solution, which first went live in Pakistan in August 2016, makes it easy for customers to pay for purchases for a wide variety of goods and services.

Shahid Mustafa, President & CEO, Telenor Microfinance Bank

“Since our inception, we have been working relentlessly to transform Pakistani financial landscape. This partnership with Mastercard is significant as it allows us to offer thousands of merchants to our customers to make digital payments. We will continue to partner-up with strong financial players like Mastercard to pursue our shared digital and financial inclusion goals in the country.”

The Masterpass QR service will now be available to more than 8 million Easypaisa Mobile Account customers who use the Easypaisa Mobile App. Customers without an Easypaisa Mobile Account can simply download the Easypaisa App from the Google Playstore or iOS App store to open an Easypaisa Mobile Account within seconds.

To make payments for retail purchases, customers will need to simply scan the QR code at the merchant’s checkout counter using their Easypaisa App from their smartphones. Customers will then be required to enter the payment amount to complete the transaction instantly.

Magdy Hassan, General Manager, Egypt & Pakistan, Mastercard said :

“Mastercard is dedicated to catering to the evolving needs of customers in Pakistan by providing them with innovative and convenient payment solutions.”

He added

“Our collaboration with Easypaisa stems from our collective aspirations to drive financial inclusion in Pakistan, and will further drive the growing adoption of Masterpass QR in the country.  With this launch, we are another step closer to Mastercard vision of a cashless and more inclusive Pakistan,”

About Telenor Microfinance Bank Limited

Telenor Microfinance Bank Limited is Pakistan’s leading microfinance bank. In 2009, we launched Pakistan’s first mobile banking platform ‘Easypaisa’ which now has one of the largest nationwide footprints and is also the first and only GSMA Mobile Money Certified service in the country.

We provide microfinance and mobile financial services to the underprivileged and underbanked segment of society, with an aim to contribute towards empowering societies. Telenor Microfinance Bank was awarded the ‘Best Microfinance Bank’ and ‘Bank the Unbanked’ award at the Pakistan Banking Awards in 2016 and 2017. For more information, please visit: http://www.telenorbank.pk/

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