Mastercard and Bank Alfalah have formed a strategic partnership to empower businesses in Pakistan through the launch of two market-leading Mastercard solutions powered by Mastercard Payment Gateway Services – Tap on Phone and Simplify Commerce – that leverage the power of technology to catalyze success and increase financial inclusion for businesses across the market, with a particular emphasis on small businesses. The agreement enables businesses of all sizes to enroll in Mastercard Tap on Phone — an innovative, straightforward, and cost-effective tool that enables businesses to adopt electronic acceptance via a smart mobile or tablet device. Businesses may immediately provide it to their customers after downloading it, giving 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 – all without the need for additional hardware or setup, making it ideal for SMBs. Additionally, the partnership with Bank Alfalah will see the debut of Mastercard Simplify Commerce in Pakistan for the first time. The technology enables merchants to focus on core business activities as they enter and prosper in the digital marketplace by providing a suite of strong payment and business management tools that simplify backend processes and enable merchants to focus on core business tasks. According to the Pakistan Bureau of Statistics, SMEs accounted for about 90% of all private enterprises in Pakistan in 2019 and employed approximately 78% of the non-agricultural workforce, indicating the enormous potential for digitalization of these businesses to strengthen the country’s economy. Atyab Tahir, Mastercard’s Country Manager for Pakistan, stated:
“By working with Bank Alfalah, Mastercard enables companies to reach their full potential in Pakistan for the first time by introducing two of its most innovative digital payment solutions – Mastercard Tap on Phone and Simplify Commerce. The availability of smartphone-based acceptance solutions is a critical breakthrough in the goal of financial inclusion, notably in Pakistan, where digital point-of-sale solutions and platforms service a population of 220 million people.” Mastercard Simplify is purpose-built to be simple to set up, allowing retailers with limited digital experience to quickly access a comfortable and secure acceptance solution and begin accepting payments. Mehreen Ahmed, Bank Alfalah’s Group Head of Retail Banking, stated:
“The combination of Mastercard Tap on Phone and the Simplify Commerce platform is a game-changer for Bank Alfalah’s SME customers and millions of consumers, who will now benefit from a seamless, secure, and intuitive checkout experience via their contactless cards and handsets. By enabling merchants in Pakistan to convert their Android phones into secure payment acceptance devices on a budget, Bank Alfalah contributes significantly to SME growth and inclusion in Pakistan’s burgeoning digital economy.” The announcement builds on Mastercard’s longtime relationship with Bank Alfalah and its ongoing support for SMEs in Pakistan and throughout the Middle East and North Africa (MENA) region. Mastercard has committed to connecting one billion individuals and 50 million micro, small, and medium-sized enterprises to the digital economy by 2025 — with a particular emphasis on 25 million female entrepreneurs.