Mastercard has once again teamed up with foodpanda, the popular online food and grocery delivery platform owned by Delivery Hero, to promote digital payments in Pakistan and support the country’s transition towards a cashless economy. This collaboration emphasizes Mastercard’s dedication to advancing financial inclusion and strengthening the nation’s digital ecosystem.
Muhammad Nana, Senior Vice President of Digital Partnerships for EEMEA at Mastercard, stated, “By combining our global expertise in seamless and secure payment technologies with foodpanda’s vast reach, we are making digital payments more accessible and convenient for consumers across the country.”
Growth of the Cashless Economy
Recent data from the State Bank of Pakistan shows a significant rise in currency circulation (CIC), increasing by 11.2% in the first half of 2024. By bridging the gap between cash and digital payments, Mastercard and foodpanda aim to accelerate digital payment adoption, contributing to the growth of a cashless economy. Their partnership seeks to create inclusive prosperity in one of the region’s most vibrant markets.
“This collaboration marks a pivotal step in our efforts to drive the shift to digital payments in Pakistan and fuel the growth of the country’s digital economy,” Nana added.
Consumers can take advantage of exclusive discounts with Mastercard cards: 20% off for Mastercard Gold and Titanium cardholders with the code MC20, and 30% off for Mastercard Platinum, World, and World Elite cardholders using the code MC30. These benefits are available every day across all foodpanda services, including food delivery, shopping, groceries, and courier services, incentivizing greater adoption of digital payments.
Payment Switch Initiative Launched
Pakistan’s high smartphone penetration and strong digital infrastructure make it an ideal market for cashless solutions. Muntaqa Peracha, CEO of foodpanda Pakistan, remarked, “Our partnership with Mastercard enables us to accelerate this transformation, turning COD users into active digital consumers.”
Additionally, Mastercard and foodpanda have launched the Payment Switch initiative, designed to convert cash-on-delivery (COD) users to online payments, boost Mastercard’s standing as the preferred payment method, and encourage customer trials through exclusive vouchers. This initiative aims to increase conversion rates at the critical decision-making stage of placing orders, encouraging a shift to online payments via Mastercard.
“As we serve a significant percentage of the population, this initiative reflects our commitment to innovation and financial inclusion in untapped markets,” Peracha concluded.
