National Bank Of Pakistan, Huawei Partner In New E-payment System
Faizan Hashmi 9 days ago Wed 15th January 2020 | 11:53 PM
National Bank of Pakistan, in continuation of its journey of digital transformation, on Wednesday formally launched new e-payment system, especially for retail payments, which will prove key for execution of the present government's programme of national financial inclusion and documentation of the economy
KARACHI, (UrduPoint / Pakistan Point News - 15th Jan, 2020 ):National Bank of Pakistan, in continuation of its journey of digital transformation, on Wednesday formally launched new e-payment system, especially for retail payments, which will prove key for execution of the present government's programme of national financial inclusion and documentation of the economy.
This system will work as a joint venture among NBP, Chinese Huawei cellular company and UnionPay International. At the launching ceremony held at NBP Head Office, an agreement was signed among the three partner organisations. Managing Director, Huawei Mobile Services Adam Xiao Ersong, Head of HuaweiVideo MENA Consumer Cloud Department, Ma Hao, Nadeem Haroon, the Country Manager of UnionPay International for Pakistan, Afghanistan and Middle East, NBP's SEVP/Group Chief Tariq Jamali, SEVP/Group Chief, Corporate and Investment Banking Jamal Baquar, SEVP, Group Chief/CTO, Amin Manji, Division Head Digital Banking and Product Development, Imran Zafar Malik and Chairman, PaysysLabs, Ali Abbas Sikandar were also present.
Huawei's Managing Director informed that this system tagged NBP " Huawei Pay" powered by UnionPay International is the first of its kind of e-payments in the country. Huawei Pay is an easy and secure way to make payments with your Huawei and Honor Smart Phones by just adding UPI Virtual card to HuaweiPay to pay in stores with just a tap, informed .
He said, "we are excited to launch this extraordinary technology product HuaweiPay for our consumers in Pakistan." He said Huawei Mobile Services aims at bringing the latest technologies and services to global consumers, which will allow more and more people to experience the convenience of the intelligent era and enjoy the joy of technology advancement. HuaweiPay customers can make instant payments by QR code at the terminals to be installed and by Tape-in-Pay mode in Pakistan through a highly secure platform.
Today, he said, more and more people are using mobile payment services such as Huawei Pay in their daily life in China and Russia.
Enablement of NBP Customers to use HuaweiPay is a strategic milestone to expand internationally.
He said his company had already three million mobile set users in Pakistan and use of latest technologies was fast growing. This joint initiative by Huawei, NBP and UnionPay International would provide a big platform for e-payments. All brands of Huawei company could be used to avail this facility.
SEVP, Group Chief/CTO, Technology and Digitalization Group , Amin Manji said NBP had launched a string of digital products including UPI EMV/Contactless Debit Cards, Virtual Cards and by bringing Huawei Pay to Pakistan this is an important achievement for NBP as it would further provide customers the choice of unique transaction set coupled with NBPs branch and ATM footprint across the length and breadth of Pakistan.
He said digital transformation was shaping the future of banking industry and NBP was cognizant of the future banking needs. NBP had embarked upon various technology initiatives which aimed towards provision of multiple digital channels and this launch was part of the same journey of providing best products to NBP customers.
NBP's Group Head, Tariq Jamali described is as a historic day for the banking sector in Pakistan. This would be a win-win situation for both NBP and Huawei, he said.
NBP's Group Chief Jamal Baqaur said National Bank, by entering this partnership,had taken strategic decision towards digitalization.
Nadeem Haroon, Country Manager of UnionPay International for Pakistan, Afghanistan and Middle East said through the country 35,000 locations/terminals would be set up for payments by QR and 10,000 for tape-in-pay facility.
He saw big potential for digitalization of banking industry as over 50 percent of Pakistan's population was under 25 years and they were very active in using new technology in every field.
Chairman, PAYSYSLabs , Ali Abbas Sikander said Pakistan was on journeyto build echo system. This new system was very safe and easy to reach for every citizen, he said.