Euronet Pakistan, a subsidiary of Euronet Worldwide, announced its registration with MasterCard as the first third-party processor in Pakistan for debit, credit and e-commerce transactions.
The new partnership allows Euronet Pakistan to provide switching of bankcard transactions between MasterCard and the bank host, to prepare files for electronic posting to the bank host, and to process chargebacks and settlement files.
With this registration, Euronet Pakistan offers customers the advantages of directly connecting to MasterCard coupled with significant cost savings. Card issuers are provided with access to additional acquiring touch points, and acquirers are able to accept MasterCard debit and credit cards, earning them additional revenue.
"The amalgamation of MasterCard's payment products and Euronet's expertise in transaction processing results in a win-win situation for our customers," said Shahid Latif, managing director of Euronet Pakistan. "We are excited to offer our clients access to MasterCard through our network, which is fully compliant with all regulatory requirements and mandates."
"We are delighted to be working with Euronet Pakistan to grow their gateway services in new geographies across the world, including Pakistan, Afghanistan, Kazakhstan, among others," said Kashif Sohail, market manager for Saudi Arabia, Bahrain and Pakistan at MasterCard. "Through this collaboration, customers in this region will have access to some of the most innovative products in the market and consumers will benefit from all the convenience and security MasterCard cards offer at even more outlets."
For more information on this topic, visit the transaction processing research center.
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