UBL to offer mobile contactless payments
KARACHI: UBL is the first bank in Pakistan who has partnered up with Gemalto, a Thales company, Visa and 1LINK to launch digital payment through tokenization on the UBL Digital App.
The aim is to offer traditional payment services into convenient, secure and rewarding digital payment experiences. With this ambition in mind UBL will enable its customers to enjoy the freedom and convenience of secure payments, via the bank’s existing smartphone app by using Gemalto TTR (TSH – Token Requestor) based on HCE (Hosted Card Emulation) technology. HCE is a technology that emulates a payment card on a mobile device. Tokenization replaces sensitive payment account information found on payment cards, such as the 16-digit account number, with a unique digital identifier called ‘token’, that can be used safely on smart phones or any device used to make a payment. The token allows the payments to be processed without exposing the actual card data which can be otherwise potentially compromised.
The launch of contactless payments will further extend and strengthen the partnership between UBL, Visa, Thales and 1LINK.
Mr. Muhammad Hamayun Sajjad – Head of Innovation & Digital Transformation at UBL emphasized that “This technology enables our customers to digitize their physical debit & credit card on Android handsets using UBL digital mobile App. The App will enable swift and straightforward frictionless payments throughout Pakistan – The benefits include advance security & data protection minimizing risk of card or personal details being hacked”
Sharjeel Shahid – Group Executive Digital Banking group at UBL on the occasion said “We are making sure that with UBL Digital App we provide world class services to our customer base. Contactless transactions will provide seamless convenience & will further flourish the Digital payments in Pakistan. Innovation is at the core of everything we do. As a leading bank in Pakistan – we strongly believe that digitization of economy can be accelerated with initiatives like these”
Founded in 1959, United Bank Limited (UBL) leads the banking and financial services sector in Pakistan. UBL is deeply embedded across core segments, serving over 5.3 million customers through its network of over 1400 countrywide branches, more than 1400 ATMs and over 36,000 branchless banking agents. UBL has presence in three continents. The Bank is a pioneer in branchless banking with its UBL Omni platform. Customers across the world have 24/7 access to the Bank via UBL’s world class Internet Banking.
1LINK (Pvt) Limited, owned by a consortium of 11 banks, is the country’s 1st PSO/PSP and largest switch and payment system, providing a host of valuable online banking services like ATM switching, Bill Payment, Inter Bank Funds Transfer, Fraud Risk Management, Switch Dispute Resolution, Global Payment Schemes, PayPak -Domestic Payment Scheme, etc. 1LINK is continuously evolving and adding new products and services to benefit the financial industry.
VISA Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network – enabling individuals, businesses and economies to thrive. Our advanced global processing network, VISANet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, VISA is applying our brand, products, people, network and scale to reshape the future of commerce.
The people we all rely on to make the world go around -they rely on Thales. Our customers come to us with big ambitions: to make life better, to keep us safer. Combining a unique diversity of expertise, talents and cultures, our architects design and deliver extraordinarily high technology solutions. Solutions that make tomorrow possible, today. From the bottom of the oceans to the depth of space and cyberspace, we help our customers think smarter and act faster -mastering ever greater complexity and every decisive moment along the way. With 80,000 employees in 68 countries, Thales reported sales of €19 billion in 2018. Gemalto was acquired by Thales with the ambition to create a new global leader in the fast-growing digital security market.