Monet (Private) Limited today announced that it has won the “Grand Challenges Explorations”, an initiative funded by the Bill & Melinda Gates Foundation, to develop Universal Payment Gateway & Mobile Point-of-Sale initiatives for Pakistani market.
Grand Challenges Explorations (GCE) funds individuals and institutions around the world to explore ideas that can break the mold in how we solve persistent global health and development challenges.
To receive the funding, Monet and other Grand Challenges Explorations winners demonstrated their ideas for digital financial inclusion that will enable universal acceptance of mobile money payments to create an economic ecosystem that will help lift the poorest out of poverty.
Initial fund is around USD$100,000, however, Monet will have a chance to demonstrate potential in the project to receive additional funding up to USD$1 million.
Monet is in process of developing a “Universal Payment Gateway Model” in Pakistan that provides more payment options offered around consumer mobile wallets through associated transnational channels by creating an interoperable eco-system among Banks, Telcos and Merchants.
Side by side, Monet is strongly contributing towards increasing the acceptance of card-based transactions through its mobile point-of-sale (mPOS) solution and merchant aggregation model, the first of its kind in Pakistan.
This way Monet is bringing those small scale merchants/retailers on board which do not fall in the normal Merchant acquisition criteria set by Acquiring Banks. Monet’s model enables small and medium size shops & entrepreneurs to register and start accepting payments through Cards & Mobile wallets.