HBL, Pakistan's largest commercial bank, signed agreements with MasterCard and Monet for the rollout of the first Mobile Point-of-Sale (mPOS) service in the country.
The signing ceremony was held at HBL's head office in Karachi between Mr. Faiq Sadiq (Head - Payment Services, HBL), Mr. Aurangzaib Khan (Country Manager – Pakistan & Afghanistan, MasterCard) and Mr. Abbas Sikander (Chief Executive Officer, Monet).
The mPOS solution that HBL is launching will enable micro and small merchants to accept credit, debit and prepaid cards as payment, and can also integrate with the complex back end systems of larger retailers to provide a robust mobile POS solution. The mPOS technology "Swipe2Pay", powered by Monet, is an innovative and low-cost solution which will help facilitate fast and secure card payments and drive card acceptance across the country.
Speaking at the occasion, Mr. Faiq Sadiq said, "HBL is proud to be the first bank in Pakistan to rollout the mPOS technology which will cater both to the consumer and merchant's need for a faster, more convenient and cost effective way to pay and be paid. It will also enable payment automation in merchant segments which are not effectively covered by conventional POS today."
Mr. Aurangzaib Khan, Country Manager - Pakistan & Afghanistan, MasterCard commented: "With innovation at the heart of everything we do, it is truly exciting to be a part of the rollout of the first ever mPOS service in Pakistan. This solution will enable all types of retailers, large and small, to take advantage of the world's fastest payment processing network in-store, off-premises, or on the move. Mobile devices are fast becoming the preferred platform to conduct payments as they offer a fast, convenient, and secure payment option for merchants and consumers alike."
"Monet has worked in collaboration with HBL on this innovation and this intelligent mobile POS is able to complete any type of transaction from Credit / Debit cards to real time bill payments and ATM cash withdrawals / deposits." said Ali Abbas Sikander, CEO at Monet. "By leveraging the power of cloud computing and mobility, we are simplifying transactions and this partnership brings us closer to achieving our vision of redefining how small and big businesses work, its impact on consumers and for financial inclusion in general."