Lahore (Muhammad Yasir)
JazzCash, a pioneering force in the fintech sector, is proud to announce its strategic collaboration with Mastercard, positioning itself as the first mobile wallet in Pakistan to bring tap-and-pay functionality and wallet tokenisation through Mastercard.
The announcement made headwinds at Mastercard’s MENA East Business Forum, where JazzCash was recognised as “Mastercard’s First Digital Front-End Partner”, making it the first to bring digital wallet tokenisation to Pakistan. This esteemed recognition solidifies JazzCash’s commitment to innovation and excellence in digital finance.
Aamir Aftab, Chief Product Officer at JazzCash, said, “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 cutting-edge, plug-and-play, mobile application-based platform, is the key enabler of this groundbreaking service. JazzCash will be integrating this technology, marking a significant step in bringing wallet tokenisation to Pakistan.
Speaking at the event, J.K Khalil, Cluster General Manager, MENA East Mastercard, said, “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 tokenisation is the simple process of disguising sensitive card data during transactions with an algorithmically generated number called a token. That means every card is replaced by a unique token for that specific device and that digital wallet, which is also protected by encryption and authentication.
This gives users an added layer of security, ensuring that even if a hacker intercepts the token, they cannot use it for fraudulent transactions. The process of payment tokenisation makes digital wallets an extremely safe way to conduct transactions.
Digital Front End will serve as a catalyst to enhance JazzCash’s services, offering customers security, convenience and improved customer experience. This advancement aligns with the evolving preferences of consumers, especially 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 slated for launch in 2024, marking a new era in the digital payments landscape in Pakistan. JazzCash remains dedicated 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.