Bank Alfalah and MasterCard have signed an agreement to bring MasterCard Internet Gateway System (MIGS) to Pakistan, said a statement issued by the company.
Proposed system will connect online merchants and websites with customers by accepting credit cards on the internet. System will also enable online merchants to get the payments into their bank accounts directly.
This partnership is of great significance as it brings together Pakistan’s leading card services provider, Bank Alfalah and MasterCard’s expertise and technology into a single place.
Speaking on the occasion, Mr. Atif Bajwa, President & CEO, Bank Alfalah said, “We continue our quest to develop a world class payments eco system in Pakistan that creates value and convenience for customers, merchants, and partners. Bank Alfalah will leverage its flagship merchant acquiring business to develop the e-commerce space through MIGS in the country.”
Mr. Raghu Malhotra, President, Middle East and North Africa, MasterCard comments, “We are delighted to announce this deal with Bank Alfalah as we continue to drive the evolution of payments in Pakistan. Business owners can now easily take their businesses online and offer their customers the convenience and security of electronic payments.”
Pakistan still lacks any workable and feasible online payment solution. We will have to see if Bank Alfalah can tap this hugely unexplored but multi-billion dollar market.