United Bank Limited (UBL) has launched a new QR code-based digital payment service in partnership with MasterCard. The new service is called Masterpass and it has the potential to change how payments are made in Pakistan.
About UBL Masterpass
MasterPass is a first of its kind service in Pakistan. It allows the customer to use their mobile banking app to scan a QR code. By scanning QR codes, a customer can pay for items in-store, pay their bills (invoices) and delivery via one secure account. The service ensures a fast and secure payment system for existing UBL customers that takes a few seconds.
How Does it Work
If you are shopping or paying your bills, the UBL MasterPass mobile app can be used to make payments at supported retailers.
This can be done when you’re checking out from an online store, using your smartphone to scan the QR code. To process the transaction, you will then be prompted with a confirmation for the same and your PIN code. The payment goes through once you enter your PIN.
The whole process saves time, since instead of manually filling out a form with your name, phone number, email and physical address, you only need to scan the code and confirm it from the app. Rest of the details are automatically registered by the payments system.
CEO/President of UBL, Wajahat Hussain had this to say on the launch of the UBL Masterclass service:
UBL has been a leading financial institution for the last 57 years. During this period, the Bank has come to be acknowledged as a Progressive and Innovative bank. These two attributes of the Bank have propelled the institution in taking lead in financial inclusion and economic development of Pakistan.
Details about service availability and retailers that are on-board the service will be shared later.