MBL upgrades e-payment system

KARACHI: Meezan Bank on Tuesday signed a deal with BPC Banking Technologies for its SmartVista platform to deliver state-of-the-art digital payment infrastructure issuing and acquiring services.

The bank’s move to invest in its digital payment infrastructure forms a part of its strategy to support both consumers and businesses during these challenging times.

BPC’s SmartVista Switch solution would manage the authorisation of payment transactions in real-time, instant routing of payment transactions, and card management and issuing solutions, while offering a more secure e-commerce experience.

Faizur Rehman, group head of information technology and digital banking at Meezan Bank said Pakistan saw massive growth in its digital payment market, driven by the shift to go digital during the COVID-19 pandemic.

“We need to have the right digital payment infrastructure in place to offer new payment experiences to consumers, as well as payment acceptance capabilities to companies. Leveraging BPC’s years of expertise and its robust solutions will help us adapt to these changes fast.”

The government has targeted to achieve $5 billion in e-commerce sales in the next three years. As a result, the government was investing into enhancing e-commerce payment gateways, which enable merchants to accept credit, debit and prepaid card payments on their websites.

The country’s rapidly growing digital payment market also exposes its banks to the risk of card not present (CNP) fraud. BPC’s advanced enterprise fraud prevention solution would help the bank combat this growing threat by monitoring 100 percent of transactions online in real-time and across all channels.