Monet Archives - Smartchoice.pk https://smartchoice.pk/blog/tag/monet/ Personal finance, insurance & life style tips to help you make smart decisions Sat, 12 Mar 2022 06:31:03 +0000 en-US hourly 1 https://wordpress.org/?v=6.4.5 https://smartchoice.pk/blog/wp-content/uploads/2019/10/fav_64.png Monet Archives - Smartchoice.pk https://smartchoice.pk/blog/tag/monet/ 32 32 Monet Wins Grand Challenges Explorations https://smartchoice.pk/blog/2015/08/monet-wins-grand-challenges-explorations/ https://smartchoice.pk/blog/2015/08/monet-wins-grand-challenges-explorations/#respond Thu, 20 Aug 2015 12:27:58 +0000 https://smartchoice.pk/blog/?p=1189 Press Release Monet receives funding by Bill & Malinda Gates Foundation for its Universal Payment Gateway & Mobile Point-of-Sale initiatives […]

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Press Release

Monet receives funding by Bill & Malinda Gates Foundation for its Universal Payment Gateway & Mobile Point-of-Sale initiatives in Pakistan

Monet (Private) Limited announced today that it is a Grand Challenges Explorations winner, an initiative funded by the Bill & Melinda Gates Foundation. The company is actively pursuing an innovative global financial and development research project to enable universal acceptance of mobile money payments.

Grand Challenges Explorations (GCE) funds individuals worldwide to explore ideas that can break the mold in how we solve persistent global health and development challenges. Monet’s project is one of more than 50 Grand Challenges Explorations Round 14 grants announced earlier this summer by the Bill & Melinda Gates Foundation. To receive funding, Monet and other Grand Challenges Explorations winners demonstrated a bold idea for digital financial inclusion that will enable universal acceptance of mobile money payments to create an economic ecosystem that will help lift the poorest out of poverty.

Monet is in process of developing a Universal Payment Gateway Model in Pakistan that provides more payment options offered around consumer mobile wallets through associated transactional channels by creating an interoperable eco-system amongst Banks, Telcos and Merchants. Side by side, Monet is strongly contributing towards increasing the acceptance of card-based transactions through its mobile point-of-sale (mPOS) solution and merchant aggregation model, the first of its kind in Pakistan. This way Monet is bringing those small scale merchants/retailers on board which do not fall in the normal Merchant acquisition criteria set by Acquiring Banks. Monet’s model enables small and medium size shops & entrepreneurs to register and start accepting payments through Cards & Mobile wallets.

About Grand Challenges Explorations

Grand Challenges Explorations is a US$100 million initiative funded by the Bill & Melinda Gates Foundation. Launched in 2008, over 1100 projects in more than 60 countries have received Grand Challenges Explorations grants. The grant program is open to anyone from any discipline and from any organization.

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]]> https://smartchoice.pk/blog/2015/08/monet-wins-grand-challenges-explorations/feed/ 0 MCB Launches Mobile POS Service https://smartchoice.pk/blog/2015/06/mcb-launches-mobile-pos-service/ https://smartchoice.pk/blog/2015/06/mcb-launches-mobile-pos-service/#comments Fri, 12 Jun 2015 10:53:49 +0000 https://smartchoice.pk/blog/?p=876 MCB, one of the largest banks in Pakistan, has launched Mobile Point-of-Sale (mPOS) service across Pakistan. Collaborating with MCB for […]

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MCB, one of the largest banks in Pakistan, has launched Mobile Point-of-Sale (mPOS) service across Pakistan. Collaborating with MCB for this service is UnionPay International and Monet as the technology provider. Aiming for small-scale retail merchants, stores, food chains, online stores and insurance companies, mPOS provides the opportunity to pay-as-you-go and not rely on cash for small scale payments. Being a low-cost method, mPOS service can help in automate entire payment processing mechanism for small-scale businesses.

 

The signing ceremony took place in MCB Tower in Karachi where representatives from each company were present, including MCB President Mr. Imran Maqbool and Monet CEO Mr. Ali Abbas Sikander.

 

The mPOS technology is easy to understand. Just like POS solution, there is a device that reads card when CrazyBulk Supplements Review [2019] – The Best Legal Steroids? testosterone buy online moberg pharma reorganizes its commercial operations swiped and it is connected to a smartphone using its audio jack. The smartphone has an app and it is connected to the internet (3G/4G); once swiped, the app verifies the payment online and payment is cycle is completed just like any other POS transaction. It is integrated with all major brands (VISA, MasterCard etc) and can be customized based on industries such as food services, delivery services, fast food restaurants, taxi service etc.

 

Speaking on the occasion Mr. Imran Maqbool, President MCB, said:

 

“MCB’s Mobile acceptance technology is exactly what is needed for bringing electronic payments, along with its benefits, to more merchants and consumers. With Mobile POS, we are opening up the market to all merchant tiers, bringing convenient and secure mobile checkout for every consumer.”

 

Mr. Han Wang, General Manager of UnionPay International Middle East, expressed his views on mPOS Technology:

 

“The growing popularity of mPOS acceptance solutions, especially among micro and small merchants, is helping to drive the migration from cash to electronic payments. The UnionPay enabled program gives merchants and consumers the peace of mind they need when transacting with mobile phones.”

 

Mr. Ali Abbas Sikander, CEO Monet, said:

 

“Monet is providing MCB is Mobile POS technology services to add new payment experience with mobility. The mPOS technology introduces a new world of finance that moves beyond just payments. It is a complete merchant solution, addressing merchant needs across business functions such as marketing, finance, logistics or accounting. Additionally, mPOS enables everyone, from the small merchant around the corner to the global brand looking for consumer insights, to accept card based payments on-the-go.”

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