Mastercard has strengthened its commitment to driving digital payment adoption in Pakistan by renewing its partnership with foodpanda, one of the country’s leading online food and grocery delivery platforms. This collaboration aims to support Pakistan’s transition to a cashless economy and enhance financial inclusion, aligning with Mastercard’s broader vision to foster a digitally inclusive future. The initiative is an essential step toward enabling more accessible and secure payment methods for millions of Pakistani consumers.
Despite Pakistan’s growing digital economy, cash transactions still dominate the financial landscape. According to data from the State Bank of Pakistan, currency in circulation (CIC) increased by 11.2% during the first half of 2024, indicating a persistent reliance on cash. Recognizing this gap between digital and cash payments, Mastercard and foodpanda are working together to bridge this divide by promoting digital payments and encouraging consumers to adopt secure, electronic transaction methods. By leveraging foodpanda’s extensive user base, the partnership is poised to drive digital payment adoption, contributing to the broader goal of creating a cashless society in Pakistan.
The collaboration introduces a variety of initiatives designed to incentivize consumers to use digital payments over traditional cash-on-delivery (COD) methods. One of the key strategies is to leverage the vast reach of foodpanda to raise awareness about the benefits of digital payments, including convenience, security, and reliability. By encouraging consumers to adopt digital payment methods, Mastercard and foodpanda hope to reduce Pakistan’s dependency on COD, improving the overall efficiency of transactions across the country.
As part of their efforts to promote digital payments, Mastercard is offering attractive discounts to its cardholders across foodpanda’s services. Consumers can avail themselves of discounts of 20% off on Mastercard Gold and Titanium cards using the code MC20, and 30% off on Mastercard Platinum, World, and World Elite cards using the code MC30. These discounts apply to various services offered by foodpanda, such as food delivery, grocery shopping, and courier services, making digital payments even more enticing for consumers.
Muhammad Nana, Senior Vice President of Digital Partnerships at Mastercard, emphasized the importance of this collaboration in advancing Pakistan’s digital transformation. “By combining our global expertise in seamless and secure payment technologies with foodpanda’s vast reach, we are making digital payments more accessible and convenient for consumers across the country,” Nana said. “This partnership marks a pivotal step in our efforts to drive the shift to digital payments in Pakistan and fuel the growth of the country’s digital economy.”
Muntaqa Peracha, CEO of foodpanda Pakistan, also shared his thoughts on the potential for Pakistan to embrace digital payments. “With high smartphone penetration and robust digital infrastructure, Pakistan is primed for rapid adoption of cashless solutions. Our partnership with Mastercard enables us to accelerate this transformation, turning COD users into active digital consumers,” Peracha stated. “This initiative reflects our commitment to innovation and financial inclusion in untapped markets.”
In addition to these promotional efforts, Mastercard and foodpanda have rolled out the Payment Switch initiative, a crucial part of their strategy to convert COD users into online payment users. This initiative focuses on boosting Mastercard’s reputation as the preferred payment method and driving customer trials through exclusive vouchers. By encouraging consumers to switch to online payments at the point of purchase, the Payment Switch initiative is expected to increase conversion rates and further reduce the reliance on cash transactions in Pakistan.
Overall, this partnership between Mastercard and foodpanda plays a vital role in Pakistan’s digital transformation. With the growing acceptance of digital payments and the country’s expanding digital infrastructure, this initiative is poised to create a more inclusive financial ecosystem. By encouraging the use of secure, digital payment methods, Mastercard and foodpanda are contributing to the growth of a cashless economy, promoting financial inclusion, and laying the groundwork for a stronger, more resilient digital economy in Pakistan.
