The leading fintech platform in Pakistan, JazzCash, has launched its new feature, Tap-Pay for Businesses, enabling over 350,000 businesses to accept payments across their Android devices.
Using this innovative feature, businesses can accept payments across a number of contactless cards or smartphones with just a tap on their NFC-enabled device.
The launch closely follows JazzCash’s recent introduction of the ‘Tap-Pay’ feature for customers, which allows customers to make payments directly from their phones. Together, these features will help establish an end-to-end contactless payment ecosystem in Pakistan.
Murtaza Ali, President of JazzCash, said:
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 of FY 2023-24, over 47 million debit and credit cards are in circulation in Pakistan, and the State Bank of Pakistan (SBP) reported card purchases on POS machines totaling PKR 394 billion during the same period.
By enabling businesses using JazzCash to tap into this market, the fintech platform is opening new revenue streams for businesses and fostering greater financial inclusion.
A collaborative effort between Mastercard, Wizzit Holdings and Bank of Punjab enabled the introduction of the 'Tap-Pay for Businesses' feature. These partnerships have been crucial in developing the infrastructure required to bring this innovative feature to market.
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