JazzCash Wins Mastercard Award for Innovative Tap on Phone Payment Solution

This prestigious award recognizes

JazzCash’s innovative approach

as the first of its kind globally

Mazhar Ali Raza

Dubai / Islamabad: JazzCash, the fintech arm of Jazz, has won the ‘Pioneering Telco to Launch Tap on Phone’ award at the Mastercard Payment Leaders Awards. The ceremony took place during the Mastercard EDGE 2024 event in Dubai.

Recognizing Innovation in Digital Payments

This award recognizes JazzCash’s innovative approach. It allows over 350,000 merchants to accept payments from contactless cards or smartphones with a simple tap on an NFC-enabled Android device. JazzCash wallets can also make payments using any contactless device. This partnership with Mastercard paves the way for new solutions in the future.

Remarks from Industry Leaders

Aamir Ibrahim, CEO of Jazz and Chairman of Mobilink Microfinance Bank, received the award from J.K. Khalil, Division President for East Arabia at Mastercard. Aamir Ibrahim stated, “This recognition from Mastercard shows our commitment to innovation. Tap Pay is key to building a more inclusive, cashless society. We will keep transforming Pakistan’s financial services and promoting digital payments.”

J.K. Khalil highlighted Mastercard’s commitment to enhancing financial inclusion in Pakistan. He said, “JazzCash deserves the Payment Leaders Award. Together, we use Tap Pay to help micro, small, and medium enterprises (MSMEs) benefit from the digital economy.”

Bridging the Payment Infrastructure Gap

Pakistan has about 50.37 million debit and credit cards, but only 125,593 point-of-sale (PoS) machines. With Tap Pay, JazzCash fills this gap. It turns the smartphones of 350,000 merchants into PoS machines. This change will greatly increase access to digital payments across the country.

Supporting a Cashless Society

JazzCash serves 44 million customers and promotes a cashless society. This aligns with the State Bank of Pakistan and the government’s plan for a digital economy. The platform also offers services like nano-lending, savings, and insurance. It aims to reach underserved communities with these services.

Empowering MSMEs and the Economy

Pakistan has about 5 million MSMEs, and JazzCash plans to digitize their transactions. The platform processes over 100,000 micro loans daily, helping these businesses. JazzCash’s network allows it to digitize over PKR 100 billion each month.

Conclusion

The Tap Pay feature comes from a partnership with Mastercard, technology partner Wizzit Holdings, and acquiring partner Bank of Punjab.