ISLAMABAD: JazzCash, Pakistan’s leading fintech platform has launched its latest feature, ‘Tap-Pay for Businesses’, enabling over 350,000 businesses across the country to accept payments through their Android smartphones.
This cutting-edge feature allows businesses to seamlessly receive payments from any contactless debit or credit card or another smartphone with a simple tap on the businesses’ NFC-enabled device, said a news release.
The launch closely follows JazzCash’s recent introduction of the ‘Tap-Pay’ feature for customers, which allows customers to make payments directly from their phones.
Together, these features will help establish an end-to-end contactless payment ecosystem in Pakistan.
Murtaza Ali, President of JazzCash, said, “Our goal is to empower both customers and businesses. With Tap-Pay, we aim to enhance Pakistan’s payment ecosystem with innovative solutions that are not only relevant but also accessible to all. This is a significant milestone as we continue to lead the way in digital financial inclusion and redefine how small businesses manage transactions.”
As of Q3 of FY 2023-24, over 47 million debit and credit cards are in circulation in Pakistan, and the State Bank of Pakistan (SBP) reported card purchases on POS machines totaling Rs. 394 billion during the same period.
By enabling businesses using JazzCash to tap into this market, the fintech platform is opening new revenue streams for businesses and fostering greater financial inclusion.
The introduction of the ‘‘Tap-Pay for Businesses’ feature has been made possible through a strategic collaboration with Mastercard, technology partner Wizzit Holdings, and acquiring partner Bank of Punjab.
These partnerships have been crucial in developing the infrastructure required to bring this innovative feature to market.
