Islamabad, JazzCash, Pakistan’s leading fintech platform, has announced the launch of its groundbreaking feature, ‘Tap-Pay for Businesses,’ aimed at transforming the way businesses across the country handle payments. This new feature enables over 350,000 businesses to accept payments effortlessly through their Android smartphones using NFC technology.
With ‘Tap-Pay for Businesses,’ merchants can now receive payments from any contactless debit or credit card or another smartphone simply by tapping their NFC-enabled device. This innovation marks a significant step towards creating a comprehensive contactless payment ecosystem in Pakistan.
The rollout of this feature follows JazzCash’s recent launch of the ‘Tap-Pay’ feature for consumers, allowing users to make payments directly from their phones. Together, these initiatives are set to redefine financial transactions in the country, making them more seamless and efficient.
Murtaza Ali, President of JazzCash, emphasized the impact of this new feature: “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 FY 2023-24, Pakistan boasts over 47 million debit and credit cards in circulation, with the State Bank of Pakistan reporting card purchases on POS machines totaling PKR 394 billion during the same period. JazzCash’s new feature is poised to tap into this growing market, providing businesses with new revenue streams and fostering greater financial inclusion.
The launch of ‘Tap-Pay for Businesses’ is made possible through strategic partnerships with Mastercard, technology partner Wizzit Holdings, and acquiring partner Bank of Punjab. These collaborations have been instrumental in developing the necessary infrastructure to bring this innovative feature to market.
JazzCash’s latest offering is set to revolutionize the payment landscape in Pakistan, driving both convenience and growth for businesses and customers alike.
