JazzCash, a leading fintech company in Pakistan, has announced a strategic collaboration with Mastercard to introduce contactless payment and wallet tokenization features in the country. Through this partnership, JazzCash becomes the first mobile wallet in Pakistan to offer such services.
By implementing Mastercard’s Digital Front End (DFE) technology, JazzCash will enhance its services, providing customers with secure and convenient payment experiences. The DFE platform enables wallet tokenization, replacing sensitive card data with encrypted and authenticated tokens. This process ensures that even if a hacker intercepts a token, they will not be able to use it for fraudulent purposes, making digital wallets an exceptionally secure method for conducting financial transactions.
The collaboration between JazzCash and Mastercard was recognized at the Mastercard MENA East Business Forum, where JazzCash was awarded as the “First Digital Front-End Partner of Mastercard” in Pakistan. This accolade highlights JazzCash’s commitment to innovation and excellence in the fintech sector.
Aamir Aftab, Product Director at JazzCash, expressed enthusiasm for this collaboration, emphasizing that it demonstrates their dedication to pioneering fintech innovations. He highlighted that JazzCash is pleased to introduce contactless payment technology to Pakistan, offering users a seamless and secure payment experience.
The introduction of contactless payment features aligns with the growing consumer preferences, particularly the increasing demand for touchless and offline payments. With JazzCash’s new service, users will be able to effortlessly make transactions, creating a convenient and secure ecosystem for digital payments.
The contactless payment service is set to launch in 2024, promising a new era in Pakistan’s digital payment landscape. JazzCash remains committed to pushing the boundaries of innovation and delivering advanced and user-friendly digital payment solutions.
FAQ:
Q: What new features will JazzCash introduce through its collaboration with Mastercard?
A: JazzCash will introduce contactless payment and wallet tokenization features.
Q: When will the contactless payment feature be launched in JazzCash?
A: The contactless payment service is set to launch in 2024.
Definitions:
– Fintech: The word is a combination of finance and technology. It refers to companies that utilize modern technologies to provide financial services.
– Tokenization: The process of converting sensitive data into unique tokens that are secure and unreadable by third parties.
Source: [Reuters](https://www.reuters.com/)
The source of the article is from the blog motopaddock.nl