JazzCash, the fintech arm of Jazz, Pakistan’s leading digital operator and part of the VEON Group, has received the ‘Pioneering Telco to Launch Tap on Phone’ award at the Mastercard Payment Leaders Awards. The recognition came during the Mastercard EDGE 2024 event in Dubai, marking a significant achievement for JazzCash and its innovation in digital payments.
Revolutionizing Payment Acceptance
JazzCash became the first globally to enable over 350,000 merchants and businesses to accept payments from contactless cards or smartphones through Tap on Phone. This feature allows businesses to accept payments using just an NFC-enabled Android device, transforming smartphones into point-of-sale (PoS) machines.
In collaboration with Mastercard, JazzCash also introduced a system where its wallets can tap and make digital payments with any contactless device. This partnership has positioned JazzCash to further integrate new digital solutions, fueling growth in Pakistan’s digital commerce sector.
Key Figures at the Awards
At the Mastercard Payment Leaders Awards, Dimitrios Dosis, President EEMEA at Mastercard, and J.K. Khalil, Division President East Arabia, presented the award to Aamir Ibrahim, CEO of Jazz. Ibrahim emphasized the importance of innovation and the role of Tap Pay in promoting financial inclusion, aligning with the goal of creating a cashless society in Pakistan.
Expanding Digital Payment Ecosystem
J.K. Khalil highlighted the collaborative efforts between JazzCash and Mastercard in building a robust digital payment ecosystem in Pakistan. Tap Pay, a low-cost and accessible payment solution, aims to accelerate digital adoption, especially for micro, small, and medium enterprises (MSMEs).
Although Pakistan has over 50 million debit and credit cards, the country only has 125,593 PoS machines. JazzCash’s Tap Pay feature is bridging this gap, turning 350,000 smartphones into PoS devices and expanding digital payment access nationwide.
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JazzCash’s Impact on Financial Inclusion
With a customer base of 44 million, JazzCash is driving Pakistan’s transition to a cashless society. The platform provides a comprehensive range of services, from nano-lending and savings to insurance, targeting unserved and underserved populations. It processes over 100,000 micro-loans daily, supporting MSMEs that traditionally have had limited access to formal financial services.
JazzCash also digitizes over PKR 100 billion monthly, playing a crucial role in the State Bank of Pakistan’s vision of a digitized economy.
Strategic Collaborations
The success of the Tap Pay feature is the result of a strategic collaboration between JazzCash, Mastercard, technology partner Wizzit Holdings, and acquiring partner Bank of Punjab.
This award showcases JazzCash’s commitment to innovation and financial inclusion, positioning it as a leader in transforming Pakistan’s digital financial landscape.
