Monet, the largest mPOS (Mobile POS) service provider in Pakistan, and China’s UnionPay jointly announced the launch of a mPOS acquiring service in Pakistan. The UnionPay mPOS solution is to be launched at fast food restaurants, express companies and in hospitals and on taxies.
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.
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