Euronet Pakistan, a subsidiary of Euronet Worldwide (NASDAQ: EEFT), today announced its registration with MasterCard as the first third party processor in Pakistan for debit, credit and e-commerce transactions. Euronet continues to advance payment processing in Pakistan and surrounding countries, by providing convenient and secure financial solutions to the banking sector. MasterCard is a leader of the world’s payments industry, drawing upon a remarkable heritage of success and innovation with its network in more than 210 countries around the globe.
The MasterCard registration reflects Euronet’s commitment to deliver comprehensive payment and transaction processing solutions through its expanding gateway services. This new partnership allows Euronet Pakistan to provide switching of bank card transactions between MasterCard and the bank host, preparation of files for electronic posting to the bank host, processing of chargebacks and settlement files.
With this registration, Euronet Pakistan provides its customers with all 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, 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 – Saudi Arabia, Bahrain & 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.”
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