UnionPay International has partnered with Monet, an mPOS (Mobile POS) service provider, to launch mPOS acquiring service in Pakistan.
With the launch of this product, Pakistan becomes the first overseas market where UnionPay International enables mPos acceptance.
Characterized with lost cost and high security features, the Mobile POS solution 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.
The solution will initially be rolled out at fast food restaurants, express companies and in hospitals and on taxies, UnionPay said.
UnionPay added that it will ensure the security of each transaction via authenticated encryption, and will provide services such as real-time transaction inquiry and balance inquiry.
The new product has been designed 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.
Currently, UnionPay cards are accepted at 70% of ATMs and about 95% of POS terminals in Pakistan.