MCB Bank Ltd. has collaborated with UnionPay International to provide mobile point-of-sale (mPOS) service across Pakistan, with Monet as technology service provider.
Representing MCB, Mr. Imran Maqbool, President, MCB was present at the signing ceremony held at MCB Tower in Karachi, along with Mr. Abbas Sikander, Chief Executive Officer, Monet, and representatives from UnionPay International.
The mPOS solution is secure, flexible and certified with all international payment processing standards and works on a pay-as-you-go basis. There is an ever increasing number of downstream small-scale retail merchants, insurance companies, retail stores, food chains and online stores in Pakistan which rely on traditional cash based payment mechanisms having challenges associated with handling and transporting cash. MCB plans to automate the entire payment processing mechanism in these retail segments using mPOS as the low-cost, card-based payment acceptance method; ensuring ease of mobility and convenience for merchants as well as customers.
The mPOS technology services provided by Monet, comprises of a specially designed low-cost card reader along with a lightweight mobile app. Card reader (Swiper) can be easily connected to a Smartphone via its audio jack and merchants can easily accept card-based payments on-the-go. The Mobile POS platform acquires all major card brands and application can be customized for industry specific business needs and is ideal for companies such as insurance agents, NGOs, cash on delivery services, taxis, fast food restaurants etc.
Speaking on the occasion, Mr. Imran Maqbool, President, MCB said:
“MCB's Mobile acceptance technology is exactly what is needed for bringing electronic payments, along with its benefits, to more merchants and consumers. With Mobile POS, we are opening up the market to all merchant tiers, bringing convenient and secure mobile checkout for every consumer”
Mr. Han Wang, General Manager of UnionPay International Middle East expressed his views on mPOS Technology:
“The growing popularity of mPOS acceptance solutions, especially among micro and small merchants, is helping to drive the migration from cash to electronic payments. The UnionPay enabled program gives merchants and consumers the peace-of-mind they need when transacting with mobile phones”
"Monet is providing MCB its Mobile POS technology services to add new payment experience with mobility." said Ali Abbas Sikander, CEO at Monet. "The mPOS technology introduces a new world of finance that moves beyond just payments. It is a complete merchant solution, addressing merchant needs across business functions such as marketing, finance, logistics or accounting. Additionally, mPOS enables everyone, from the small merchant just around the corner to the global brand looking for consumer insights, to accept card based payments on-the-go."