Nexo, a cryptocurrency lender, announced a partnership with Mastercard to produce the world’s first “crypto-backed” payment card on Wednesday. As digital assets grow more widespread, it is the latest step by crypto and established banking networks to link together.

Nexo claims that the card, which is initially only available in a few European countries, allows users to spend without having to sell digital assets such as bitcoin, which are used as collateral to back the credit issued. The majority of traditional credit cards are unsecured and have a pre-determined credit limit.

The card is linked to a Nexo-provided crypto-backed credit line and can be used at 92 million Mastercard-accepting retailers globally, allowing investors to spend up to 90% of their crypto assets’ fiat value, according to Nexo.

“There are no minimum repayments, monthly fees, or inactivity penalties with this card. For up to 20,000 euros each month, there are no FX fees “Nexo said.

There are no limits on how much a consumer can spend or remove from an open credit line, and interest is only charged on the credit that is spent. Customers with a loan-to-value ratio of 20% or less continue to pay zero percent interest.

“Digital assets are transforming the financial world,” Raj Dhamodharan, Mastercard’s head of crypto and blockchain products and partnerships, said. Nexo’s card is issued by DiPocket, an electronic money company.

The post Nexo and Mastercard Launch World’s First Crypto-Backed Card appeared first on Techlist.

 

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.

The post Bank Alfalah Launched ‘Tap on Phone’ appeared first on Techlist.

Mastercard Offers 15% Discount on flydubai

Mastercard cardholders in Pakistan can kick off the New Year with Priceless travel experiences to destinations across the flydubai network with 15% discount* on return flights booked online on www.flydubai.com.

flydubai OPEN rewards members will benefit from an additional 5% discount on flights.

“As the travel and tourism sector continues to prosper, savvy travellers in Pakistan are demonstrating a keen interest in deals and rewards to make their journeys more memorable. Mastercard is committed to providing cardholders with benefits that meet their lifestyle needs, and we’re delighted to announce this promotion with flydubai to give travellers more opportunities to create Priceless experiences in 2018,”

said Aurangzaib Khan, Country Manager, Pakistan and Afghanistan, Mastercard.

“From our network in Pakistan of five destinations and more than 60 flights a week, our work with Mastercard provides passengers with yet another opportunity to explore Dubai and beyond with flydubai”,

said Sudhir Sreedharan, Senior Vice President, Commercial Operations (GCC, Subcontinent and Africa) for flydubai.

This exclusive Mastercard-flydubai offer is valid on economy and business class travel until midnight 31 March 2018.

Terms and conditions apply. For more information, visit https://www.flydubai.com/en/offers/pakistan-mastercard-offer-15pct-off-january-2018

About Mastercard:

Mastercard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry.  We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories.

Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone.  Follow us on Twitter @MastercardMEA and @MastercardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the MEA Engagement Bureau.

The post Mastercard Offers 15% Discount on flydubai appeared first on Techlist.

MasterCard to join hands with NADRA Technologies to optimize Pakistani National ID cards with electronic payments.

This strategy aims to enable Pakistanis to make financial transactions and also to receive government disbursements with the identification number of the ID card.

Now people can send or receive domestic and international remittances simply with the ID cards.

This means that there is no requirement to go to bank or currency exchange house and waiting for your turn. The needs can be met with use of ID card.

According to the terms of agreement of MasterCard is to use the next-generation payment processing technologies to work o  all sorts of payments made by people of Pakistan. This will be done by issuance of National ID cards, passports or any other document provisioned by NADRA Technologies.

World Economic Forum Annual Meeting 2017 was held kn Davos, Switzerland. The meeting is planned to be from 17-20 January 2017. During the meeting this strategic program was announced.

According to news the MasterCard’s Country Manager for Pakistan and Afghanistan has said, “The new service will make international remittances more convenient both for the sender and beneficiary, and this is significant since Pakistan is one of the top receivers of remittances from abroad.”

He further said,

“Combining the National ID card with payment features will transform it into a powerful, multi-purpose channel for citizens to carry out financial transactions, and will facilitate faster and more efficient delivery of vital government services.”

The post MasterCard to Join hands with NADRA to optimize National ID Cards with e-payments appeared first on Techlist.

Masterpass QR digital payment services has finally been launched with efforts of MasterCard and United Bank Limited.

Masterpass QR digital aims to allow users to make different kinds of payments from a single account.

Wajahat Husain, the President and CEO of UBL said:

“The launch of Masterpass QR digital payment service cements UBL’s role as the leading provider of technology-based financial solutions for its customers.”

It is easy to use too like the user just needs to scan QR code from the UBL mobile app. After that they just need to enter the PIN and enter the amount of their transaction and their PIN to complete the transaction, and pay for whatever they choose. And the whole task will be done in no time.

It is going to make payments much secure, quick, efficient, reliable and convenient.

Digital Payment services will soon take over the business transaction. The users are growing day by day and are expected to increase more because of the comfort they provide.

UBL Masterpass Mobile App Links:  iPhone and Android.

The post UBL and Mastercard Launches Digital Payment Services Via QR Code appeared first on Techlist.

This is the same company who had launched Mobile Point of Sale in 2015 in association with Habib Bank Limited.

The Master Card of office was established in Karachi. The company aims to make its business strong and stable in Middle East and African regions.

MasterCard that is a technology company in the global payments industry is going to provide people of Pakistan wider range of payment services. It will provide services like debit cards, credit cards, prepaid offers, MasterCard Payment Gateway Services, MasterCard Rewards Solutions and digital payment solutions through its newly-established dedicated office. The company knows how to satisfy their customers as company is stable in Middle East since the 1990s.

The master card has 17 issuers who are availing both services the credit and debit card services. Not just this but MasterCard also has launched a first interoperable digital payment service. This service allows the users to send a wider range of money through their mobiles that means transfer of money is just one click away. It is very secure operating system and is reliable.

The MCB Bank and Bank Alfalah are the banks having the facilities provided by MasterCard. Meezan Bank is heard to be the next authority which could deal with MasterCard, but at a smaller level with less range of amount. This is the facility that could be availed be small business men across Pakistan.

This is a versatile way of transaction of money that makes it easy for business men to deal in greater amount of money with greater benefits and less loss.

The post Global Payments Leader Mastercard Starts Its Operations in Pakistan appeared first on Techlist.