Mobi Direct has contracted Worldline to provide its digital payment infrastructure platform in Pakistan.
The Mobi Direct digital platform will have the capability and capacity to deliver a wide range of issuing and acquiring transactions for its customers and the banking industry as a whole.
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Furthermore, the platform will allow Mobi Direct to offer a variety of innovative products and solutions to the banking community.
Mobi Direct is the first PSO/PSP authorised by the State Bank of Pakistan to establish an Electronic Payment Gateway (EPG) across the country.
Digital payment methods in Pakistan are growing and the financial ecosystem is facilitating the rise in alternative payment channels.
This will enable the fulfillment of digital banking needs for bank customers. In addition, it will also play a significant role in the financial inclusion of the unbanked population. In rural areas, many consumers still have little access to a bank account.
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By GlobalDataMobi Direct digital platform opens up access
Pakistan is a cash-dominated society. Use of cash for day-to-day transactions remains the main way to pay among Pakistanis. This is mostly due to factors such as a high unbanked population, limited financial awareness, and inadequate payment infrastructure.
However, financial inclusion remains a top priority. The government launched the National Financial Inclusion Strategy (NFIS) in May 2015. The goal remains the same; to bring 50% of the adult population into the formal banking system by 2020.
The Modi Direct digital platform is another way of bringing digital to the mainstream. It will make payment processing streamlined.
Wolf Kunisch, member of the executive committee at Worldline and Deputy CEO at equensWorldline, says: “Mobi Direct’s digital payments project will play a vital role in the modernisation of Pakistan’s finance sector and of the country’s economy as a whole, and Worldline is proud to be part of these developments. This partnership is our first project in Pakistan. This market will benefit strongly from our proven and comprehensive solutions for digital payments in terms of performance, flexibility, modularity and cost effectiveness.”
Aarij Ali, CEO of Mobi Direct, says: “We want to take the lead in modernizing the payments infrastructure in Pakistan in order to improve efficiency and be prepared for future developments in the payments industry. Based on its excellent track record, experience and readiness for digital payments processing, Worldline was the obvious choice. We are pleased and proud that, by partnering with Worldline, we will be the frontrunner for the implementation of digital payments in Pakistan.”
