This makes Monet’s solution the only MPOS solution in Pakistan at this time to be recognized by MasterCard.

MasterCard introduced the Mobile Point of Sale Program to provide guidance to MPOS solution providers, promoting secure transactions for consumers using their debit, credit and prepaid cards. By virtue of being certified, Monet adheres to the program best practices as a mobile point-of-sale solution provider, helping small businesses and retailers use their mobile devices as secure POS payment terminals.

On the occasion, Ali Abbas Sikander, CEO of Monet (Private) Limited commented:
“Through this certification, Monet will be able to implement payment services through MPOS which are compliant with industry standards and MasterCard’s MPOS Program requirements, providing a merchant friendly, low-cost, cost-effective and data rich solution to those small scale merchants/retailers which are normally unable to fulfill the Acquiring Banks’ due diligence and registration criteria”

Patricia Bateson, Vice President, Mobile POS for MasterCard said:
“MasterCard is pleased to welcome Monet to the MasterCard Mobile POS program, the launch of Swipe2Pay will help broaden and transform commerce opportunities for small merchants, allowing them to grow their business.”

Monet, through its mPOS solution, is catering to the market need for digitization of cash based payments with ease and convenience - for banks, merchants as well as consumers. With Swipe2Pay, both merchants and financial institutions can directly utilize Monet mPOS services to go truly mobile and watch customer experiences and sales rise. Mobile point-of-sale allows for additional revenue streams through delivery services, outdoor sales events, trade shows or vendor events, and securely accepts any type of cards including credit, debit / mwallets or prepaid cards (both Magstripe and EMV).

Monet provides a complete mPOS service built around mobile technology which empowers banks to serve the underdeveloped market of small and micro businesses. With it, banks are able to offer a range of value-added services going forward to retain their merchants - and to acquire new ones.