Lahore – JazzCash, the fintech branch of Pakistan’s premier digital operator Jazz, part of the VEON Group, has clinched the ‘Pioneering Telco to Launch Tap on Phone’ award. This accolade was presented during the Mastercard Payment Leaders Awards held at the Mastercard EDGE 2024 event in Dubai.
The award heralds JazzCash’s groundbreaking initiative as the first globally to enable over 350,000 merchants to accept payments via contactless cards or smartphones by simply tapping on an NFC-enabled Android device. This innovation stems from a strategic partnership with Mastercard, allowing JazzCash wallets to make direct digital payments using any contactless device.
This partnership not only enhances payment acceptance but also sets the stage for JazzCash to adopt upcoming innovations as Mastercard continues to introduce new solutions to the market. The collaboration aims to promote a secure and seamless digital commerce environment in Pakistan.
During the ceremony, J.K. Khalil, Mastercard’s Division President for East Arabia, handed the award to Aamir Ibrahim, CEO of Jazz and Chairman of Mobilink Microfinance Bank. Aamir Ibrahim shared his thoughts: “This award from Mastercard validates our continuous innovation and our drive to democratize financial services. Tap Pay isn’t merely a feature—it’s a critical component of our strategy to develop an inclusive, cashless society and a formal economy. We are committed to leading the transformation of Pakistan’s financial landscape and expanding digital payment adoption.”
J.K. Khalil commented on the partnership: “Mastercard is dedicated to fostering a strong digital payment ecosystem and improving financial inclusion in Pakistan. JazzCash, a key partner in this journey, truly deserves this award. Through our combined efforts with Tap Pay, we aim to enhance payment acceptance and tap into the vast potential of Pakistan’s economy, particularly benefiting micro, small, and medium enterprises (MSMEs).”
Despite the significant number of debit and credit cards in Pakistan—over 50.37 million—there are only about 125,593 point-of-sale (PoS) machines. Tap Pay by JazzCash is addressing this crucial gap in payment infrastructure by converting the smartphones of 350,000 merchants into PoS terminals, thus broadening the reach of digital payments nationwide. With a user base of 44 million, JazzCash is spearheading the transition towards a cashless society, in line with the vision of the State Bank of Pakistan and the government.
JazzCash continues to expand its services, offering nano-lending, savings, and insurance, focusing on increasing access to financial services for the underserved. By processing over 100,000 micro-loans daily and digitizing more than PKR 100 billion each month, JazzCash supports the vital MSME sector, a cornerstone of Pakistan’s economy, which has traditionally faced limited access to formal financial resources. This initiative is part of a strategic alliance with Mastercard, technology partner Wizzit Holdings, and acquiring partner Bank of Punjab.
