LAHORE: Visa signed a memorandum of understanding with WIZZIT to bring innovative payment solutions to Pakistan, a statement said.
According to the MOU, Visa will invest in adding new payment solutions through the WIZZIT mobile app that will provide, low cost, seamless and secure payment solutions including Tap to Phone services for merchants and SMEs across the country for the first time in Pakistan.
According to Visa’s 2021 Small Business recovery study, 79 percent of Pakistani SMEs saw digital payments as an important investment in business recovery.
When the Tap to Phone feature is enabled, merchants can quickly start accepting contactless payments as long as they have a smartphone running on the Android 7 platform or above, which is equipped with a near-field communications (NFC) chip and download the Tap to Phone application. Customers can then tap their contactless payment card or payment-enabled smartphone against the seller’s Tap to Phone-enabled device to make a payment.
In terms of payment security, there is no difference between Tap to Phone and a traditional hardware-based point-of-sale (POS) system, with a generated dynamic cryptogram verified by Visa in a matter of seconds, the statement added.