The Muslim Commercial Bank (MCB) has partnered with Visa to introduce a new socially connected mobile wallet that allows users to make payments for online purchases, pay bills, and buy top-ups at no extra fee.
The socially connected mobile wallet is the first of its kind in the world, claims MCB.
Users can load money in the mobile wallet through their existing bank accounts and link it to their current telecom provider and smartphone without any need to change their phone, bank or telecom operator.
MCB Bank digital banking and business development head, Qasif Shahid, said working closely with Visa they have realised that the road to going viral, attaining scale and changing behaviour hinges on creating payments solutions that are; bank, telecom and device independent, free of charge, interoperable and support frictionless onboarding processes.
MCB Bank retail group head, Ali Kazmi, said the bank believes that the greatest benefits are derived from MCB Lite if it is established and practiced in social groups.
"It’s similar to operating and owning an email account or a fax machine. There is no point in having one if you are the only one with the machine or an email account as there will be no one to send or receive faxes or emails to.
"In other words, the more acquaintances you have on MCB Lite the greater the benefit in terms of time saved and money saved through just-in-time, free person-to-person mobile initiated payments," Kazmi added.