Meezan Bank honoured

KARACHI: Meezan Bank has been honoured with the “Most Innovative Solution Deployed for Cash Displacement” award at the recently concluded Mastercard MENA Acquirer Forum, a statement said on Wednesday.

The bank won the award in recognition of its efforts in launching QR-based payment innovations in the country, it added. This award acknowledges Meezan Bank’s endeavours to promote digital payments in Pakistan’s cash-heavy economy by collaborating with Mastercard and Inov8 Pvt Ltd, a leading fintech in the mobile and branchless banking space, to develop an ecosystem of Masterpass QR-enabled retail payments using the FonePay App in Pakistan. QR-based payments will help drive the State Bank of Pakistan’s financial inclusion and digitisation objectives, bringing merchants an efficient and cost-effective solution to offer their customers for digital payments, it added.