" class="no-js "lang="en-US"> Allied Bank Pakistan Taps BPC to Launch its Merchant Acquiring Business - Fintech Finance
Friday, March 29, 2024

Allied Bank Pakistan Taps BPC to Launch its Merchant Acquiring Business

 Allied Bank Limited (ABL), named as the 2021 Bank of the Year in Pakistan by The Banker Magazine, has selected BPC to enable digital payment acceptance as a Merchant Acquirer. The announcement was made during a signing ceremony held today in the presence of the senior leadership team of both the respective companies. Both organisations will collaborate to support merchant and businesses’ acquisition in addition to enabling payment excellence when made in-store, online and in-app.

The agreement underlines the strong market demand for faster, better and more secure payment services for businesses across Pakistan. The nation’s SME and merchant sector represents the backbone of the economy, with more than 5 million businesses across the region. SMEs contribute 40% of Pakistan’s total GDP and 25% in overall exports and are also the driving force behind a more inclusive and digital economy. ABL being the leading bank has heavily invested in digital transformation. In order to further enhance customer experience and to contribute toward expansion of digital payments ecosystem in the country, ABL has entered into a strategic partnership with BPC to introduce Merchant Acquiring Services. This solution will entail frictionless merchant onboarding and payment experience for customers of ABL and other domestic and international financial institution from thousands of merchant locations across Pakistan.

BPC, the leading payments solution provider will support Allied Bank from onboarding businesses to enabling the widest range of payment acceptance services, ensuring customers can pay businesses the way they want to in a fast and secure way.  Payments can be made with a QR code, direct account transfer, a wallet debit, an EMV or contactless card VISA, MasterCard, Union Pay International, PayPak debit/credit cards or a tap from an NFC device, all using best in class security and transactions monitoring. BPC will also enable Payment Scheme gateway services for MasterCard, UnionPay and Visa, connecting ABL to these major payment networks for merchant payment processing; a service provided under SaaS model which will fast track ABL’s certification with these payment schemes and significantly improve time to market for the bank. The agreement between Allied Bank and BPC includes the adoption of BPC’s SmartVista platform and a series of micro-services for omnichannel merchant onboarding and management, merchant portal and apps, POS and QR acquiring, merchant fraud and risk prevention. This is in addition to the SmartVista integration platform, which helps bring together internal systems, in addition to third party partners.

“We are excited to partner with BPC to start the merchant acquiring business. This journey is evidence of our commitment and ambition to impact the payments ecosystem in Pakistan. I believe this will enable the businesses through innovation in POS, eCommerce and QR solutions to grow and expand further”, said Sohail Aziz, Chief Digital Banking Officer at Allied Bank.

Ahson Saeed, Managing Director, BPC Pakistan, commented: “With rapid growth in the adoption of digital payment instruments such as cards, wallets and QR codes, payment acceptance is becoming a priority for businesses and merchants as it is convenient and improves customer experience and retention. Businesses today require ease, access, affordability, transparency and convenience of being able to accept payments digitally. By selecting BPC and its SmartVista platform, Allied Bank can be sure that their business clients will be able to accept payments in addition to offer a user-friendly, safe, and convenient experience to buyers across Pakistan.”

People In This Post

Companies In This Post

  1. Marco Santos to Become CEO of GFT Technologies SE Read more
  2. PayPal Plans to Appoint Carmine Di Sibio to Board of Directors  Read more
  3. Yapily Named a Supplier on Crown Commercial Service’s Open Banking DPS Framework Read more
  4. allpay Appointed as Official Supplier on Crown Commercial Service’s Open Banking and Fund Administration & Disbursement Services Dynamic Purchasing Systems Read more
  5. Oliver Wyman Announces Mariya Rosberg as Americas Head of Banking and Financial Services Practice Read more