LAHORE: MasterCard and Inov8 Limited have announced a collaboration that will oversee the rollout of an innovative, next-generation digital payments service over Inov8’s ‘FalconPay’platform in order to promote the strong cashless environment in Pakistan.
As part of the collaboration, MasterCard will power Inov8’s FalconPay platform using its digital wallet solution, Masterpass, to establish a ‘ready to integrate’ digital platform for all banks in Pakistan.
This will enable the banks’ consumers to pay for in-store, online and on-the-go purchases, book movie and bus tickets, make bill payments, enjoy conveniences such as mobile airtime top-ups and much more using the FalconPay mobile application that will be linked to their bank or the bank’s wallet account.
Aurangzaib Khan, Country Manager, Pakistan and Afghanistan, MasterCard on the occasion said that Pakistan and the Middle East and North Africa region are important markets for pursuing our vision of financial and digital inclusion. A young and tech-savvy population, coupled with high penetration of smartphones, creates an ideal environment for the FalconPay platform to change the way people pay.
“Partnering with Inov8 also gives us the opportunity to enhance our understanding of consumer shopping and payment trends in these markets, and develop a robust digital space that contributes to a seamless experience in handling money that is not limited to bank account holders”, he added. Hasnain Sheikh, Co-CEO and Chairman of Inov8 Limited, said that the benefits of FalconPay the next-generation FalconPay platform will allow users in Pakistan and Middle East and North Africa to make retail purchases, book tickets for entertainment and travel and much more, without the need of a bank account.
“The holistic payments ecosystem will also provide them with attractive discounts, loyalty-based offers and access to location-based services among other features. Financial institutions too are set to benefit from the application, as discerning customers now look for shopping and payments solutions that can be accessed on an online platform at all times and places”, he observed.
Bashir Sheikh, Co-Founder and Co-CEO of Inov8 Limited said that the company has been at the forefront of the evolving mobile payments domain in the country.