Card-as-a-Service (CaaS) and Bank-as-a-Fintech (BaaF) solutions will be available in Pakistan thanks to a strategic relationship between Mastercard and Euronet, an industry leader in secure electronic financial transaction processing.
The new CaaS and BaaF models enable banks, non-financial institutions, and fintechs to quickly create and deploy novel products that are scalable and have a shorter time-to-market.
This collaboration will bring Mastercard products and services to a wide range of stakeholders. By constructing a ready-to-market CaaS and BaaF hub under a fully contracted and managed services model housed on Euronet's next-generation payments infrastructure.
The offering includes Mastercard and Euronet's interconnected platform and solutions, helping businesses to quickly launch next-generation consumer offerings.
The collaboration paves the door for issuer banks to deploy customer-focused solutions in record time. By delivering off-the-shelf, ready-to-market use cases via sandbox portals specialized to the bank, fintech, and non-financial institution segments.
Additionally, customers will be able to use software kits (SDKs). Or leverage already made bundled propositions to offer unrivaled products. And services to their subscriber base in a timely and efficient manner.
Meanwhile, consumers will have easy access to tailored digital financial products. Such as those aimed at the youth and SME segments.
In addition, governments will benefit from the collaboration by launching new products aimed at improving financial wellness and educational apps for youth. Furthermore, creating a one-stop shop for such services. And enriching it with Mastercard's exclusive products, benefits, and services.
"At Mastercard, we have always recognized that upgrading payments is critical to providing consumers with seamless and innovative services. This collaboration is consistent with our commitment to provide market-ready products. That address the increasing consumer needs in Pakistan," said J.K Khalil, Mastercard's Cluster General Manager, MENA East.
"We will act as a beacon, helping banks, not monetary institutions, and fintech firms through a simplified route to access Mastercard resources and services in the country," he went on to say.
"We are committed to enabling the market as a major payment system in Pakistan by offering innovative payment options.Furthermore, aiding firms that are unable to access payment services owing to hurdles. And dependencies such as BIN sponsorship, systems readiness. Also due to the operational overheads, time-to-market, and minimum viable product (MVP) development," Euronet Pakistan CEO Kashif Gaya stated.
Beginning with the launch of these services in Pakistan, Mastercard and Euronet want to investigate prospects to expand into other Middle Eastern and African markets.
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