Bank Alfalah Launched ‘Tap on Phone’
Mastercard and Bank Alfalah have formed a strategic relationship to empower Pakistani businesses through the launch of two of Mastercard’s market-leading products powered by Mastercard Payment Gateway Services – Mastercard Payment Gateway Services and Mastercard Payment Gateway Services.
Using the power of technology to catalyse success and improve financial inclusion for businesses across the market, with a special focus on small businesses, Tap on Phone and Simplify Commerce.
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 private enterprises in Pakistan and employ nearly 78 percent of the non-agricultural work population, demonstrating the great potential for digitalization of these businesses to strengthen the country’s economy.
Mastercard’s Pakistan Country Manager, Atyab Tahir, said:
“By working with Bank Alfalah, Mastercard is enabling businesses to reach their full potential with two of its most innovative digital payment solutions, Mastercard Tap on Phone and Simplify Commerce, for the first time in Pakistan.” The availability of smartphone-based acceptance solutions is a much-needed advance in the goal of financial inclusion, notably in Pakistan, where digital point-of-sale systems and platforms service a population of 220 million people.”
Mastercard Simplify is specifically designed to be simple to set up, allowing retailers with little or no digital experience to quickly access a comfortable and secure acceptance solution and begin accepting payments.
“The integration of the Mastercard Tap on Phone and Simplify Commerce platforms is a gamechanger for Bank Alfalah SME customers and millions of consumers who will now have access to a seamless, secure, and intuitive checkout experience through their contactless cards and devices,” said Mehreen Ahmed, Group Head – Retail Banking, Bank Alfalah. Bank Alfalah is making a big contribution to SME growth and inclusion in Pakistan’s economy by allowing merchants to turn their Android phones into secure payment acceptance devices at a low cost.
The announcement expands on Mastercard’s long-standing partnership with Bank Alfalah and its ongoing support for SMEs in Pakistan and throughout the Middle East and North Africa (MENA). Mastercard has committed to connecting one billion individuals and 50 million micro, small, and medium companies to the digital economy by 2025, with a special focus on 25 million women entrepreneurs.