Bank Alfalah and MasterCard have entered into an agreement that could help change the way Pakistani consumers conduct online shopping. The companies are bringing MasterCard Internet Gateway System (MIGS) to Pakistan, a system that will help connect merchants and websites with customers by linking their credit cards to the internet. The partnership stands to help Pakistan and its consumers on building a stronger connection with online retailers and other people in the online trade.
Banks around the world are partnered with MasterCard, Visa, and American Express. Merchants of an online shop or a telco or even a restaurant that offers online delivery accepts cards which are embedded with Visa or MasterCard. Banks themselves don’t really have access to completely verify and pay online transactions to external merchants. They can only do transactions from one account to another, be it within the same bank or another bank.
This is where MIGS comes in, Visa and Mastercard and Amex have been specialising in online transaction portals so that the average consumer is able to make payments online. It’s like how you need to login to Steam to play Dota, Steam is a verified game merchant and their legitimacy prevents fraud and piracy to let you enjoy the real game.
Speaking on the occasion, Mr. Atif Bajwa, President & CEO, Bank Alfalah said, “We continue our quest to develop a world class payments ecosystem in Pakistan that creates value and convenience for customers, merchants, and partners. Bank Alfalah will leverage its flagship merchant acquiring business to develop the e-commerce space through MIGS in the country.”
Mr. Raghu Malhotra, President, Middle East and North Africa, MasterCard comments, “We are delighted to announce this deal with Bank Alfalah as we continue to drive the evolution of payments in Pakistan. Business owners can now easily take their businesses online and offer their customers the convenience and security of electronic payments.”
The combined synergy of Pakistan’s leading card services provider and MasterCard’s technological advantage in credit cards can change the way consumers conduct business online as buyers and sellers. Many people in Pakistan are still skeptical of electronic payments, the added security of MIGS might make consumers comfortable with using their credit cards for purchases thus, increasing the growth of e-commerce. MIGS isn’t just restricted to purchases in Pakistan, but will be able to help consumers conduct purchases on any internet retailer or website.
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