The tide is shifting! For the last few years, the telcos have been making waves in the banking industry with its unique service like EasyPaisa (which also has a virtual debit card), JazzCash etc. but now Meezan Bank seems to be integrating better banking solutions starting with its new debit cards.
For the first time in Pakistan, Meezan Bank is introducing its EMV and NFC enabled debit cards
The new debit cards add ease of payment and an extra layer of security during every transaction. With the new NFC feature, the user just needs to tap their debit card to pay for their transaction, it is fast and simple.
The best part is that the card doesn’t have to be out of their sight and thus the probability of information theft decreases manifold. Also, each transaction has a unique encrypted code that changes every time the card is used, making the network secure.
It is also the first debit card in Pakistan that has EMV or chip card technology. EMV is a payment application that is present on the computer chip which is embedded in the card.
The EVM debit cards are also referred as Smart Card and are more reliable as they store the user’s data on integrated circuits in addition to magnetic stripes
If you’re an avid online shopper, then you won’t have to go through the hassle of card activation. Also, when the user will use their card online, a one-time unique code will be sent to them via SMS or email and the transaction will only be processed upon entering this code.
How to Get the New Debit Card
The current Meezan Bank customers can get new EMV NFC card, simply by contacting the Call Center at (+9221) 111-331-331 or 111-331-332 or visiting their branch (card replacement charges will be applied).
Previously, Easypaisa introduced NFC payments via smartphones but it didn’t become a popular method of payment as the merchants lacked NFC enabled devices.
It would be interesting to see how Meezan Bank will market its debit cards with a tap to pay feature (NFC) and convince millions of merchants to upgrade their equipment at the same time.
Also, with the emergence of new payment mediums like SimSim mobile account that subtracts the bank from the equation is becoming challenging for the banks to bring any innovative banking solutions for their customers. Thus, we have to wait and see whether the people will accept this new technology over the power of smartphones.