Daily Times

Meezan Bank Limited and MYGLU (Pvt.) Limited have entered a strategic collaboration to enable Point of Sale (POS) payment services, branded as MGPay. MYGLU (Pvt) Limited is a wholly owned subsidiary of the United States based MYGLU LLC offering next generation business solutions via integrated information technology products and services.

According to this recently signed agreement, MGPay will be deploying POS terminals and signing up new merchants on behalf of MBL 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 with state-of-the-art POS machines. MBL’s Deputy Chief Executive Officer Ariful Islam 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.”

Chief Operating Officer and Co-founder Ms Saima Manzoor 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.”