Mastercard and LMKR Board Pakistans Journey to Digital With Open-Loop Travel Fare System

partnership between master Card When LMK Resources (LMKR) Pakistan will launch the first open-loop transit payment solution across the nation’s transit system, allowing commuters to purchase tickets with their credit or debit card or digital wallet.

Mastercard and LMKR have formally entered into a strategic partnership to oversee the implementation of open-loop transit payment solutions to further accelerate Pakistan’s digital transformation.

The introduction of this new paytech solution will benefit the country’s complete transport infrastructure, including a rapid transit bus network and an electronic fare collection system.

Commuters can top up and pay for transportation using debit and credit cards or digital wallets. No need to buy a separate ticket for your trip.

The solution will serve as a key enabler for Pakistan’s socio-economic development through the provision of more accessible public transport.

Historically, transport providers in Pakistan have relied solely on cash or closed-loop payments to process transport fares such as fare cards. Fare cards only hold prepaid amounts that need to be topped up when they run out.

The switch to open-loop payments connects transit providers to existing accounts and faster payment solutions such as digital wallets, credit and debit cards, and facilitates fare processing.

Open-loop systems enable universal payments and take us one step closer to an integrated digital ecosystem, he explains. Atif Rais Khan, CEO and Chairman of LMKR. This is a landmark moment in Pakistan’s digitalization journey.

“Travelers are increasingly using smart devices and electronic payments in their daily lives and are looking to carriers to meet their digital demands,” he added. JK HalilMastercard’s MENA East Cluster General Manager.

mastercard Recent New Payments Index 2022 The survey found that 89% of people in Pakistan have used at least one new payment method in the last year, and 12% of consumers said they used less cash over the period.

The index further shows that 68% of Pakistani users increased their use of digital payments last year.

Using Mastercard’s innovative technology, our strategic partnership with LMKR will transform the commuting experience for people in Pakistan, providing a fast, seamless and secure payment experience while on the move, said Khalil. continue. “We are pleased to play a role in further accelerating the growth of Pakistan’s booming digital economy.