Demonstrating a shared commitment towards nurturing a strong cashless environment in Pakistan, Mastercard and Inov8 Limited announced a collaboration that will oversee the rollout of an innovative, next-generation digital payments service over Inov8’s ‘FalconPay’ platform.
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.
Left to Right (Sitting): Aurangzaib Khan – Area Head for Pakistan & Afghanistan, Mastercard, Khalid Elgibali – Division President MENA Region, Mastercard , Adeel Bajwa – CEO Dhabi Group, Bashir Sheikh – Co-CEO & Co-Founder, Inov8 Limited. Left to Right (Standing): Nabeel Ahmad – Vice President Business Development Pakistan & Afghanistan, Mastercard, Hasnain Sheikh – Co-CEO & Chariman Inov8 Limited
While commenting on the development, Aurangzaib Khan, Country Manager, Pakistan and Afghanistan, Mastercard, said that Pakistan and the Middle East & North Africa region are important markets for MasterCard for its vision of financial and digital inclusion.
“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”, said Mr. Khan.
Hasnain Sheikh, Co-CEO and Chairman of Inov8 Limited, while mentioning the benefits of FalconPay said that the ecosystem can provide the customers with attractive discounts, loyalty-based offers and access to location-based services among other features.
The collaboration is a testament to Mastercard’s concerted efforts to collaborate and deliver an omni-channel, all-digital payment service that benefits consumers, financial institutions and merchants.
It also adds to its growing reputation of engaging with stakeholders across the globe, and furthering its vision of financial and digital inclusion for all towards a ‘World Beyond Cash’.