UnionPay International and Monet, the largest mPOS (Mobile POS) service provider in Pakistan, jointly announced to launch mPOS acquiring service in Pakistan. Such innovative products will enable the acceptance of UnionPay cards rapidly at local micro-merchants and small businesses, while offering cardholders more convenient and secure purchasing experience. With the launch of this product, Pakistan becomes the first overseas market where UnionPay International enables mPos acceptance.
This is an important progress of UnionPay International aiming at promoting innovative payment solutions in markets where the payment industry is still at an early stage of development. The Mobile POS solution, characterized with lost cost and high security features, will enable more small and medium businesses in Pakistan to accept UnionPay cards, and will expand use scenarios of UnionPay cards by local residents and business travelers to Pakistan. Additionally, with the launch of this product, UnionPay International is able to take full advantage of its innovative products and services to serve local residents, particularly the young, cultivating a habit of using the bankcard and further facilitating the electronization of the payment industry in Pakistan.
When using the mPOS to acquire a transaction, merchants may swipe cards any time upon downloading the application to mobile phones, tablet PCs or other mobile devices and connecting the device to mobile POS via audio cable, USB or Bluetooth. UnionPay will ensure the security of each transaction via authenticated encryption, and will provide various services such as real-time transaction inquiry and balance inquiry. Moreover, the UnionPay mPOS solution is to be launched at fast food restaurants, express companies and in hospitals and on taxies.
To date, hundreds of thousands of mPOS terminals have been put into use in the Chinese Mainland, mainly at small restaurants, clothes stores and express companies. In Taiwan, a number of local snack shops, night markets, take-outs and restaurants are now accepting UnionPay cards via mPOS, meeting the their acceptance demand.
Motivated by “the Belt and Road Initiative,” exchanges between Pakistan and China have been increasing. UnionPay International is dedicated to delivering convenient payment services to people travelling between China and Pakistan. Currently, 70% of ATMs and about 95% of POS terminals in Pakistan accept UnionPay cards. In addition, various types of UnionPay cards have been issued locally, with the total number exceeding 1.5 million. UnionPay cards are becoming the preferred payment service provider in Pakistan.