JazzCash partners with Mastercard to introduce Tap-and-Pay
Service
JazzCash, a trailblazer in the fintech sector, is unveiling
its strategic alliance with Mastercard, positioning itself as the first mobile
wallet in Pakistan to introduce tap-and-pay functionality and wallet
tokenization through Mastercard.
The announcement garnered attention at Mastercard’s MENA
East Business Forum, where JazzCash was acknowledged as "Mastercard’s
First Digital Front-End Partner," establishing itself as the pioneer in bringing
digital wallet tokenization to Pakistan, as per a news release.
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This prestigious recognition underscores JazzCash’s
dedication to innovation and excellence in the digital finance realm. Aamir
Aftab, Chief Product Officer at JazzCash, expressed, “Our collaboration with
Mastercard and the introduction of tap and pay functionality through JazzCash
exemplify our commitment to spearheading innovation in the financial technology
sector. We are thrilled to be the first in Pakistan to bring tap-and-pay technology
to Pakistan, providing our users with a secure and convenient payment
experience.”
Mastercard’s Digital Front End (DFE), a state-of-the-art,
plug-and-play, mobile application-based platform, is the pivotal facilitator of
this groundbreaking service. JazzCash will integrate this technology, marking a
significant stride in introducing wallet tokenization to Pakistan.
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J.K Khalil, Cluster General Manager, MENA East Mastercard,
stated at the event, “We are delighted to partner with JazzCash as Mastercard’s
first digital front-end partner in Pakistan. This collaboration marks a
significant milestone in advancing digital payments in the region.”
Wallet tokenization involves disguising sensitive card data
during transactions with an algorithmically generated number, known as a token.
Each card is replaced by a unique token for that specific device and digital
wallet, safeguarded by encryption and authentication. This extra layer of
security ensures that even if a hacker intercepts the token, it cannot be used
for fraudulent transactions.
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The implementation of Digital Front End is expected to
enhance JazzCash’s services, providing customers with security, convenience,
and an improved customer experience. This advancement aligns with evolving
consumer preferences, particularly the growing demand for contactless, offline
payments. The tap-and-pay service will empower JazzCash users to make
transactions effortlessly, fostering a convenient and secure digital payment
ecosystem.
The tap-and-pay service is scheduled for launch in 2024,
heralding a new era in Pakistan's digital payments landscape. JazzCash remains
committed to pushing the boundaries of innovation, shaping the future of
digital financial services, and ensuring its customers have access to the most
advanced and user-friendly digital payment solutions.
Source: APP