HBL signs deal with MasterCard,Monet to launch mPOS service

Karachi:HBL, Pakistan’s largest commercial bank, signed agreements with MasterCard and Monet for the rollout of the first Mobile Point-of-Sale (mPOS) service in the country. The signing ceremony was held at HBL’s head office in Karachi between Mr. Faiq Sadiq (Head - Payment Services, HBL), Mr. Aurangzaib Khan (Country Manager – Pakistan & Afghanistan, MasterCard) and Mr. Ali Abbas Sikander (Chief Executive Officer, Monet).
The mPOS solution that HBL is launching will enable micro and small merchants to accept credit, debit and prepaid cards as payment, and can also integrate with the complex back end systems of larger retailers to provide a robust mobile POS solution. The mPOS technology “Swipe2Pay”, powered by Monet, is an innovative and low-cost solution which will help facilitate fast and secure card payments and drive card acceptance across the country.
Speaking at the occasion, Mr. Faiq Sadiq said, “HBL is proud to be the first bank in Pakistan to rollout the mPOS technology which will cater both to the consumer and merchant’s need for a faster, more convenient and cost effective way to pay and be paid. It will also enable payment automation in merchant segments which is not effectively covered by conventional POS today.”**