BPC extends market reach in Pakistan with UnionPay collaboration
By Joy Dumasia
Leading payment solutions provider BPC has announced a collaboration with UnionPay International in Pakistan. As part of the understanding, BPC will offer its Access Control Server (ACS) solution and services to enable 3D Secure cardholder authentication to UnionPay issuer banks in the country. BPC’s ACS solution is certified with UnionPay International for 3D Secure authentication on its latest standards and mandates.
The ACS product forms part of BPC’s SmartVista Suite platform, a host of comprehensive, state-of-the-art integrated software applications that help financial institutions and businesses process all forms of electronic payments, including digital money transfers, plastic cards, smart chip cards other personal payment methods.
Among the SmartVista applications designed for the digital economy is the ACS solution called 3-D Secure, which will provide UnionPay issuers instant authentication of cardholders during an online purchase. Quick and easy to use, 3-D Secure reduces the risk of fraudulent transactions and increases cardholder confidence in Internet purchases. It can be implemented as an integrated, standalone module or service compliant with all functional and security standards set by international payment systems. BPC will host the solution locally, using its software and ACS server, ensuring quick time to market and costing reflective of regional prices.
Commenting on the partnership, James Yang, General Manager of UnionPay International Middle East Branch, said: “We are impressed with BPC’s technology that can be integrated within our network to provide a reliable and smooth payment experience for the users. Having BPC as a valued partner who strives for not only innovations but also for commitment to ongoing support for the application, we will be able to deliver trusted and effective customer experience across channels through BPC’s constantly improving offerings and cutting-edge developments. This level of commitment is crucial for us as we continue to address the market pain points and improve our cardholders’ payment experiences.”
The collaboration comes at a time of rapid digital transformation in Pakistan. Having a population of over 220 million, with an average age of 22 years and a large mobile penetration rate, Pakistan offers immense business opportunities in the digital finance and payments sector. The country has seen tremendous growth in digital payments in terms of value and volume of the transaction during the last couple of years. Especially in the e-commerce sector, the usage of payment cards is gradually increasing, and consumers need to secure the payments being made online.
Commenting on the announcement, Ahson Saaed, Managing Director at BPC in Pakistan, said: “BPC is committed to playing a leading role in helping UnionPay during this critical period of growth as Pakistan continues its digital transformation. We are excited to be collaborating with UnionPay International and look forward to supporting its ongoing success as it makes headway into the local economy.”
IBSi Daily News Analysis
March 01, 2024
Access Control Server
Banking Sector and regulatory framework: addressing India’s growing demand for secure lockersRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage