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 SMEs across the country for the first time in Pakistan.
The Tap to Phone service is aimed as a solution for low-cost acceptance for merchants, especially as Pakistani consumers increasingly prefer to pay with digital payments over cash and 4 out of 5 consumers surveyed said they’d switch stores based on the payment methods offered. According to Visa’s 2021 Small Business recovery study, 79% of Pakistani SMEs saw digital payments as an important investment in business recovery.
When 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, equipped with a near-field communications (NFC) chip and download the Tap to Phone application. Customers can tap their contactless payment card or payment-enabled smartphone against the seller’s Tap to Phone-enabled device to make a payment.
In 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.
Gideon van den Broek, Chief Commercial Officer of WIZZIT, said: “WIZZIT aims to apply the latest technology to provide seamless and secure payment solutions through “Tap-on-Phone”. He added: “Our 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’s extensive network is a key differentiating factor in giving our customers the greatest flexibility.”
Leila Serhan, Visa’s Senior Vice President and Group Country Manager for North Africa, Levant and Pakistan, said: “Visa is committed to supporting merchants and helping small businesses thrive and meet consumers’ 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[2], contactless payment adoption is no longer simply an option for SMBs – it’s a necessity not only for survival but also for growth.”
SMBs have traditionally needed to catch up in accepting digital payments for several reasons, including the cost of 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.