Left to Right (Sitting): Aurangzaib Khan – Area Head for Pakistan & Afghanistan, Mastercard, Khalid Elgibali – Division President MENA Region, Mastercard , Adeel Bajwa – CEO Dhabi Group, Bashir Sheikh – Co-CEO & Co-Founder, Inov8 Limited Left to Right (Standing): Nabeel Ahmad – Vice President Business Development Pakistan & Afghanistan, Mastercard, Hasnain Sheikh – Co-CEO & Chariman Inov8 Limited
Inov8 – Official Release
Powered by Masterpass, FalconPay offers a one-stop payment solution that works across multiple platforms, banks, e-commerce and retail stores in Pakistan
Dubai, UAE – September 5, 2016: Demonstrating a shared commitment towards nurturing a strong cashless environment in Pakistan, Mastercard, a leading technology company in the global payments industry, and Inov8 Limited, one of the fastest growing financial technology companies in the region– have announced a collaboration that will oversee the rollout of an innovative, next-generation digital payments service over Inov8’s ‘FalconPay’ platform.
As part of the collaboration, Mastercard will power Inov8’s FalconPay platform using its digital wallet solution, Masterpass, to establish a ‘ready to integrate’ digital platform for all banks in Pakistan. This will enable the banks’ consumers to pay for in-store, online and on-the-go purchases, book movie and bus tickets, make bill payments, enjoy conveniences such as mobile airtime top-ups and much more using the FalconPay mobile application that will be linked to their bank or the bank’s wallet account.
Aurangzaib Khan, Country Manager, Pakistan and Afghanistan, Mastercard, said: “Pakistan and the Middle East & North Africa region are important markets for pursuing our vision of financial and digital inclusion. A young and tech-savvy population, coupled with high penetration of smartphones, creates an ideal environment for the FalconPay platform to change the way people pay. Partnering with Inov8 also gives us the opportunity to enhance our understanding of consumer shopping and payment trends in these markets, and develop a robust digital space that contributes to a seamless experience in handling money that is not limited to bank account holders.”
Hasnain Sheikh, Co-CEO and Chairman of Inov8 Limited, spoke about the benefits of FalconPay: “The next-generation FalconPay platform will allow users in Pakistan and Middle East & North Africa to make retail purchases, book tickets for entertainment and travel and much more, without the need of a bank account. The holistic payments ecosystem will also provide them with attractive discounts, loyalty-based offers and access to location-based services among other features. Financial institutions too are set to benefit from the application, as discerning customers now look for shopping and payments solutions that can be accessed on an online platform at all times and places.”
Bashir Sheikh, Co-Founder and Co-CEO of Inov8 Limited, said: “We have been at the forefront of the evolving mobile payments domain in the country. By collaborating with Mastercard, we are reinforcing our investments in cutting-edge solutions to step-up competitive offerings through a safe and secure channel. Our technology, network of financial institutions and merchants, and understanding of the markets are well-positioned to be harnessed by Mastercard’s global expertise in the cashless and contactless payment models. The solutions that arise from this collaboration are set to redefine the shopping experience in Pakistan, and strengthen our efforts to continue innovating in mobile commerce and branchless banking.”
The collaboration is a testament to Mastercard’s concerted efforts to collaborate and deliver an omni-channel, all-digital payment service that benefits consumers, financial institutions and merchants. It also adds to its growing reputation of engaging with stakeholders across the globe, and furthering its vision of financial and digital inclusion for all towards a ‘World Beyond Cash’.
Mastercard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MastercardMEA and @MastercardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on theMEA Engagement Bureau.
About Inov8 Limited
Inov8 Limited is the Region’s fastest growing mobile payments company and has grown to become a leading partner to banks and mobile operators, both locally and internationally. The company recently secured Series A Funding of $5.4 million and achieved a valuation in excess of $100 million. Inov8 is the dominant player in the Pakistan market offering next generation products designed to address all facets of the mobile based financial services and mCommerce value chains.
Tags: branchless banking, POS, cashless, Funding, global payments industry, Pakistan market, world beyond cash, financial, payment ecosystem, valuation, falcon, mastercardMEA, contactless, consumers, book tickets, online, financial services, finance, Nabeel Ahmad, market, one-stop payment solution, middleeast, network, bank, banks, bill payments, technology, mobile operators, branchless, e-commerce