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April 2, 2014

Pakistani MCB Bank and MasterCard partner over online payments

Pakistani MCB Bank has announced a partnership with MasterCard to provide its internet gateway service (MiGS) to businesses in the country, allowing them to accept online payments.

By Verdict Staff

Pakistani MCB Bank has announced a partnership with MasterCard to provide its internet gateway service (MiGS) to businesses in the country, allowing them to accept online payments.

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The new payment scheme aims at helping merchants to develop their commerce online in order to gain new customers and open to new markets.

Imran Maqbool, president and chief executive officer (CEO) of MCB Bank, said: "The new gateway service makes it easy for business owners to take their businesses online and accept card payments online."

Pakistan counts over 30m internet users, almost 16% of the overall population.

"Businesses in the country have a huge opportunity to tap into the e-commerce market," said Michael Miebach, MasterCard’s president of the Middle East and African regions.

"Along with presenting a number of advantages to the consumer, including speed and convenience, e-commerce has a multitude of benefits for business owners," he added.

According to survey company Ansr.io, specialists estimate the size of e-commerce in Pakistan to be around $25m-$30m a year.

Related articles:

Pakistan’s MCB launches Visa chip card

Pakistan: MCB, Euronet launch EMV card

Free Report
img

What does the future hold for BNPL market?

The global Buy Now Pay Later (BNPL) market is estimated at a massive $120 million in 2021 – representing just less than 3% of the global ecommerce market. Yet the user-base is massive, with leading provider, Klarna, alone reportedly having 87 million users in 2021. This market is only expected to grow, with established companies like Apple and Goldman Sachs moving into the BNPL sector in bids to capitalize on this trend. To help you make the most of this growing market, GlobalData’s Buy Now Pay Later in 2022 and Beyond report provides detailed insight into the BNPL sector. This report:
  • Discusses the disruptive potential of the BNPL sector on the payments industry
  • Identifies the leading companies that are driving sector growth and the benefits this new payments solution provides to both merchants and consumers
  • Analyzes the consumer’s risk of using BNPL loans and government attempts at introducing regulations to the sector
  • Uncovers the main risks that consumers expose themselves to when borrowing with BNPL
Download this free report to get to know where this developing market is headed, and how you can reshape your strategies.
by GlobalData
Enter your details here to receive your free Report.

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