MCB Bank Ltd (MCB) and Lahore University of Management Sciences (LUMS) have signed MoU to transform LUMS into a ‘cashless’ campus.
This project will showcase MCB Lite – the world’s 1st socially connected mobile wallet – specially designed to provide digital payments convenience in socially connected groups of people such as the LUMS student body, faculty and staff on campus.
Together MCB and LUMS intend to make LUMS the first completely cashless campus in Pakistan where students, faculty and various other stakeholders will be able to carry out transactions using their mobile phones or the accompanying MCB Lite Visa Card.
During the course of this project, MCB will pilot various cutting edge technologies such as Near-Filed-Communications and Mobile Point-of-Sale terminals.
On the occasion of signing the MOU, LUMS Vice Chancellor Dr. Sohail Naqvi stated that, “We are excited about this partnership with MCB. This is an excellent opportunity for our students to carry out research and development on a live banking platform. We want LUMS to be a hotbed of innovation in mobile banking and technology to help define the future of consumer financial platforms for Pakistan as well as the rest of the world.”
About this new initiative, Head of Digital Banking at MCB, Qasif Shahid, expressed that “MCB sees LUMS as a driver of innovation and behavior change in the Pakistani society. The university is full of bright and intelligent people open to adopting new, innovative technologies and payment types.” He further added, “We want students and faculty to experience the convenience of digital money and adopt these new payments types and business models in other aspects of their lives as well. Ultimately, we would love to see some of these intelligent individuals innovating and taking this concept further in directions not imaginable as yet.”
Sohail Malik, Head of Alliances & Loyalty added “MCB Lite is the most innovative and convenient financial product in the world, and LUMS is the 1st school of Pakistan getting their premises completely digitized and cashless through this unique and innovative product”