Mobicash has become the first mobile financial services provider
Mobicash Becomes First Mobile Financial Services Provider to Offer NFC Payment Solutions in Pakistan
Mobicash has become the first mobile financial services provider (MFS) to launch Near Field Communication (NFC) payments on vending machines for its esteemed mobile account users after signing an agreement with Batwa and Wavetec. Through this collaboration, Mobicash users will be able to purchase items from Wavetec’s NFC enabled vending machines which are to be installed at various places around the country. As a pilot, this facility will be available at the Mobilink premises for employees. After a successful trial period, the facility will be available to Mobicash Mobile Account holders. This first of its kind initiative is another step in Mobicash’s vision for a secure and reliable cashless ecosystem in the near future.
To launch the NFC payments mechanism, a signing ceremony was held in Islamabad, attended by Ms. Aniqa Afzal Sandhu, Director Mobile Financial services – Mobilink, Adnan Asdar, Director – Batwa, Sajid Farooqi, CEO – Batwa, Ahmed Fraz, CEO – Wavetec, and Saim Ehtesham, HOD – Vendi.
Speaking about this first of its kind innovative offering, Aniqa Afzal Sandhu stated, “NFC based payment solutions open up a unique opportunity to enable our 1.5 million strong Mobicash mobile account user family to use NFC technology to pay for day to day transactions, starting with these NFC based vending machines. As a promoter of branchless banking in the country with a vision to bridge the prevalent divide between the banked and unbanked population, we believe rapid growth of NFC based payment solutions is for the benefit of a cashless ecosystem. The next step in this cashless ecosystem revolution is the launch of our NFC enabled retail payment solutions across Pakistan. We would like to thank Batwa and Wavetec for jointly assisting us in the development of an efficient and customized solution for our customers.”
Adding his thoughts on the need for more NFC based payment solutions, Ahmed Fraz said, “Pakistan has great potential for a NFC based payment ecosystem, especially since MFS accounts for a great amount of financial activity amongst the large unbanked population. Such solutions will offer greater benefits to the consumers, retailers and cashless banking sector in the country.”
Adnan Asdar further added “I would like to congratulate the entire Mobilink, Wavetec, Vendi and Batwa teams on successfully collaborating to launch this project; a big step towards creating a cash lite eco-system. Its success will emphasize the importance of an agnostic infrastructure for accelerating financial inclusion and bringing down the cost of doing business for all stakeholders.”
To use this innovative payment solution, Mobicash users will input their mobile number to acquire an NFC tag, payment for which will be deducted from their mobile account, and will then place this tag on the Vendi’s NFC reader to link their Mobicash mobile account to their NFC tag. Upon selection of an item from Vendi, the user will enter his/her MPIN on their phone to complete the transaction.