Meezan Bank signs MGPay to launch fast track digital payments in merchant acquiring business

Meezan Bank and MYGLU Pvt. Ltd., a wholly-owned subsidiary of the US-based MYGLU LLC offering next-generation business solutions via integrated information technology products and services, have entered into a strategic collaboration to enable Point Of Sale (POS) payment services, branded as MGPay. According to this recently signed agreement, MGPay will be deploying POS terminals and signing up new merchants on behalf of Meezan Bank as an independent sales organization.

With the launch of MGPay, the Bank shall focus on targeting new consumer segments, enabling conversion to digital payments beyond conventional offerings whereas MYGLU shall act as a link between merchants, issuers, and payment networks for the Bank, offering them state-of-the-art POS machines.

Mr. Ariful Islam – Deputy CEO, Meezan Bank said, “Fintechs have immense potential and Meezan Bank is delighted to collaborate with MYGLU. We are confident that this alliance will accelerate our POS network launch and we expect to become a dominant player in the acquiring business arena in the next 5 years Insha’Allah.”

Ms. Saima Manzoor – COO and Co-Founder, MYGLU said, “The company, with its payments brand, MGPay, intends to capture and revolutionize the payments market in Pakistan by building on exceptional services and by developing a digital infrastructure that would harness growth for customers and partners.”

Mr. Qaisar Baryar – Director and Co-Founder, MYGLU said, “The signing with Meezan Bank marks the launch of a collaboration which aims to aggressively build on the current policy interest and momentum in fintech and truly transform the retail industry in Pakistan. MGPay offers a number of payment solutions and products for merchants to add value and transform businesses.”