KARACHI: Meezan Bank has launched Point of Sale (POS) payment and online payment gateway services to further enhance its digital retail offering and fast-track the country’s digital ecosystem, a statement said on Wednesday.
The Bank will act as a link between merchants, issuers and payment networks by offering them state-of-the-art POS machines and make cashless transactions available over the counters, enabling retailers to benefit from the adoption of digital payments.
The POS machines support acceptance of local and international cards, card and mobile tap payments and integration with the retailer system. With the launch of POS and e-Commerce Acquiring services, Meezan Bank will now be able to digitize payments for a large number of unserved retail customers who prefer Islamic banking.
A ceremony was recently held at Meezan Bank’s Head Office to acknowledge the contribution of the key individuals in this project. This ceremony was attended by Ariful Islam – Deputy CEO, Meezan Bank and other senior team members.
Commenting on this occasion Ariful Islam said, “Meezan Bank is actively working towards modernizing retail services in the country through enhanced digital offerings and documentation in the economy. We are confident that our recently launched merchant acquiring services will accelerate digital payments.”
Meezan Bank is the leading Islamic bank of Pakistan and also one of the largest banks nationwide in terms of branch network as well as deposits. With a network of over 930 branches in more than 300 cities, it has the largest Islamic banking network in Pakistan.
Meezan Bank has consistently been recognized as the Best Islamic Bank in Pakistan by numerous local and international institutions including its recognition as the ‘Best Bank – 2020’ by Pakistan Banking Awards – the most prestigious award in the country’s financial sector and by Islamic Finance News – Malaysia, Global Finance magazine – New York, Asset AAA – Hong Kong, Asiamoney – Hong Kong,
the Banker – United Kingdom, South Asian Federation of Accountants, Islamic Finance Forum of South Asian Awards, – Dawn & IBP Pakistan, Employers Federation of Pakistan and CFA Association – Pakistan.
The VIS Credit Rating Company Limited (formerly JCR-VIS Credit Rating Company) has upgraded the Bank’s entity rating to the highest possible level of ‘AAA/A1+’. This rating denotes the highest possible credit quality, with negligible risk factors, being only slightly more than for risk-free debt of the Government of Pakistan.