Demonstrating a shared commitment towards nurturing a strong cashless environment in Pakistan, Mastercard, a leading technology company in the global payments industry, and Inov8 Limited, one of the fastest growing financial technology companies in the region - have 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.
Aurangzaib Khan, Country Manager, Pakistan and Afghanistan, Mastercard, said: "Pakistan and the Middle East &North Africa region are important markets for pursuing our vision of financial and digital inclusion." "A young and tech-savvy population, coupled with high penetration of smart phones, creates an ideal environment for the FalconPay platform to change the way people pay. 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."-PR