Meezan Bank Ltd will launch Pakistan's first Islamic e-commerce payment gateway and point of sale (PoS) system in this year.
Bank aims at providing a Shariah based digital transaction system and solution to merchants and customers countrywide.
The bank is working to set up solutions to e commerce stores and PoS terminals at shoping centers, restaurant and retailer of goods and services to provide its customer a Shariah Compliant payment option through debit and credit cards.
The bank is all set to launch its merchant acquiring initiatives and e commerce payment gateway to rapidly growing digital payments in Pakistan and fulfill the needs of vast majority of retailers and online business who have been looking a Shariah Compliant solution quarterly report of Meezan Bank.
The use of payment cards have been rise in Pakistan for the past few years because customers prefer to use cashless payment option due to prevention againt the Covid 19.
As per State Bank of Pakistan SBP report there are more 3000 e commerce merchants registered with varios banks in Pakistan and PoS stood 72000 across the country.
The transaction through e commerce surged to Rs. 60 billions and PoS processed over Rs. 453 billions in the financial year 2020-21.
Some of the e-commerce and PoS operators are Habib Bank Limited, United Bank Limited, MCB, easypaisa, jazz cash, Keenue, Fonepay, payfast, Noftepay.
With the increasing trend of digital paymets solutions the launch of Shariah Compliant alternates will prove to be a catalyst to the digitization of the payment system in country as faith conscious traders running running varios e commerce and retailer stores will adopt to like alternate mode of conventional banking system.
Merchants can deposit their money directly in Islamic Banks through the launch of e-commerce and PoS system. S
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