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UPaisa launches UCashier Enabling merchant payments for the unbanked

UPaisa launches UCashier Enabling merchant payments for the unbanked

UPaisa launches UCashier Enabling merchant payments for the unbanked

After successfully launching branchless banking industry’s first Debit Card powered by UnionPay that enables merchant payments across Pakistan, UPaisa, has once again brought an innovation in the branchless banking sector by offering ‘UCashier’, the Mobile Point of Sales (MPOS) solution across the country

These MPS devices are small, low-cost add-ons to Android smartphones, allowing merchants to carry out card based swipe transactions, as compared with the independent POS machines already available in the market. In addition to other benefits, they cost 6 times less, making them affordable for the smallest merchants who can deploy them without any hassle.

Formerly, the retail domain had been dominated by conventional banks and the typical usage of the POS terminals was limited to high-end stores and brand outlets. The launch of these innovative devices will set a trend for other operators to follow as it provides much-needed support to small and medium level merchants.

Regarding this new development, Noman Azhar, Head of Financial Services at Ufone, said “With the successful launch of UCashier, Ufone has taken yet another step towards bringing in real financial inclusion in Pakistan. Currently, these MPOS machines are processing UPaisa debit cards only and UPaisawill be enabling small merchants and local stores with this device by facilitating merchant payments for the unbanked. Now the receivers will have a choice to keep the received amount safe in their mobile wallets and use it on the need basis by simply swiping their debit card on the same shop from where they were getting the amount cashed out earlier.”

The introduction of the MPOS network would be an important component in the overall eco system visualized by Upaisa for Pakistan where soon every Pakistani will be able to enjoy the end to end cashless and convenient transactions.

Expressing his views, Syed Umar ViqarHead of Business & Operation U Micro Finance Bank said, “Our focus, since the launch of UPaisa, has been to create a complete eco system, whereby financial services are designed to fulfill the daily financial needs of an under banked or unbanked customer.This is a major step towards achieving that target.”

With this innovation, now branchless banking customers will not only be able to spend the money received in their accounts, directly for purchases at the existing POS network of Pakistan but also at the smallest grocery stores now powered by UCashier. As envisioned by UPaisa, this is a major step towards empowering the unbanked and will have a great impact towards social inclusion as well.

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