HBL Launches QR Payment Service in Pakistan

Since advancements are being made both in technology and financial industry, it is about the right time for both of them to collaborate and provide the users with better opportunities that would change the way transactions take place in Pakistan.
Economy has been digitalized in other parts of the world thus it is about time that the idea should be adopted by the Pakistani economy as well. Launching QR codes for payment purposes is a great step towards financial inclusion.According to Mohanish Agni, Visa’s General Manager – Levant & Pakistan, “Pakistan is making strides to enhance electronic payments and promote financial inclusion. The launch of Visa on mobile demonstrates a significant step-change in the acceleration of the migration from cash to a digital economy in Pakistan which is good for consumers, businesses and government.”
More than 10,000 users use Visa card on daily basis for making purchases or transferring money. A virtual visa card on mobile would digitize the payment business solutions and create a more competitive relationship between the merchants. It will allow the merchants to generate EMVCo compliant QR codes that will make instant payments possible.
Being the leading bank in Pakistan, HBL is the first financial organization to launch QR payment service in Pakistan. Abrar Ahmed Mir, Chief Innovation & Financial Inclusion Officer at HBL, said: As Pakistan’s leading bank in the digital space, we are proud to collaborate with Visa and offer an innovative payment solution. It is a step towards creating a cashless ecosystem which provides customers with a secure and instant digital payment experience.
QR codes are a safer and quicker way of sending and receiving money. As a merchant you will be receiving real-time notifications for every transaction that lands in your bank account and you will also have access to the number of sale and your transaction history.