Karachi
\nVisa, the world leader in digital payments, signed an MoU with WIZZIT to bring innovative payment solutions to Pakistan. According to the MOU, Visa will invest in adding new payment solutions through the WIZZIT mobile app that will provide, low cost, seamless and secure payment solutions including Tap to phone services for merchants and SMEs across the country for the first time in Pakistan.
\nThe Tap to Phone service is aimed as a solution for low-cost acceptance for merchants especially as Pakistani consumers are increasingly indicating a preference to pay with digital payments over cash and 4 out of 5 consumers surveyed said they\u2019d switch stores based on the payment methods offered . According to Visa\u2019s 2021 Small Business recovery study, 79% of Pakistani SMEs saw digital payments as an important investment in business recovery.
\nWhen the Tap to Phone feature is enabled, merchants can quickly start accepting contactless payments as long as they have a smartphone running on the Android 7 platform or above, which is equipped with a near-field communications (NFC) chip and download the Tap to Phone application. Customers can then tap their contactless payment card or payment-enabled smartphone against the seller\u2019s Tap to Phone-enabled device to make a payment.
\nIn terms of payment security, there is no difference between Tap to Phone and a traditional hardware-based point-of-sale (POS) system, with a generated dynamic cryptogram verified by Visa in a matter of seconds.
\nGideon van den Broek, Chief Commercial Officer of WIZZIT, said: \u201cWIZZIT aims to apply the latest technology to provide seamless and secure payment solutions through \u201cTap-on-Phone\u201d. He added: \u201cOur company is constantly striving to find partners who can further our goal of providing a seamless experience and the best solutions to users. Thus, we are pleased to partner with Visa, as Visa\u2019s extensive network is a key differentiating factor in giving our customers the greatest flexibility.\u201d
\nLeila Serhan, Visa\u2019s Senior Vice President and Group Country Manager for North Africa, Levant and Pakistan, said: \u201cVisa is committed to supporting merchants and helping small businesses thrive and meet consumers\u2019 demands in the digital economy age. Tap to Phone is a low cost digital payment tool, that enables SMBs to sustain and grow their business, considering 4 out of 5 consumers say they will switch stores if digital payments options are not available , contactless payment adoption is no longer simply an option for SMBs \u2013 it\u2019s a necessity not only for survival but also for growth.\u201d
\nSMBs have traditionally been lagging in accepting digital payments for a number of reasons including cost to entry. Visa innovations in low-cost solutions, such as Tap to Phone, are designed to support SMBs in their digital transformation goals by empowering them to provide a convenient, secure and seamless checkout experience to their customers and reduce their dependency on cash.<\/p>\n","protected":false},"excerpt":{"rendered":"
Karachi Visa, the world leader in digital payments, signed an MoU with WIZZIT to bring innovative payment solutions to Pakistan. According to the MOU, Visa will invest in adding new payment solutions through the WIZZIT mobile app that will provide, low cost, seamless and secure payment solutions including Tap to phone services for merchants and […]<\/p>\n","protected":false},"author":2,"featured_media":311227,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":{"0":"post-311197","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-national"},"yoast_head":"\n