Islamabad: Mastercard has announced a renewed partnership with foodpanda, highlighting its ongoing efforts to promote digital payments and support Pakistan's vision of a cashless economy.

According to a statement by Mastercard, this collaboration aims to bridge the gap between cash and digital transactions, offering significant opportunities for financial inclusion and fostering a more robust digital ecosystem in Pakistan. The initiative comes as the State Bank of Pakistan reports an 11.2% increase in currency circulation during the first half of 2024, underlining the need for a shift towards digital payments.

The partnership will roll out various initiatives to encourage digital payments over traditional cash on delivery methods. By leveraging foodpanda's expansive network, Mastercard hopes to enhance the awareness and uptake of secure digital payment options across the country.

Muhammad Nana, senior vice president of Digital Partnerships, EEMEA at Mastercard, emphasized that the collaboration is a critical step towards facilitating digital payments in Pakistan. He stated that the initiative would help make digital payments more accessible and convenient, contributing to the growth of the nation's digital economy.

Consumers using Mastercard Gold and Titanium cards will receive a 20% discount with the code MC20, and those using Mastercard Platinum, World, and World Elite cards will receive a 30% discount with the code MC30. These offers are available every day across all foodpanda services, including food delivery, grocery shopping, and courier services.

Muntaqa Peracha, CEO of foodpanda Pakistan, highlighted the country's readiness for cashless solutions due to high smartphone penetration and robust digital infrastructure. He expressed that the partnership with Mastercard would accelerate the shift from cash on delivery to digital payments, aligning with foodpanda's commitment to financial inclusion.

As part of the collaboration, the Payment Switch initiative has been launched to convert cash on delivery users to online payments, enhancing Mastercard's status as a preferred payment method. This feature aims to improve conversion rates at the critical order placement stage, encouraging users to opt for online payments.