The move will help the bank to acquire competitive edge over its competitors
In an attempt to offer improved services and expand market reach across the country, United Bank Limited (UBL) recently announced a partnership with Access Group for the provision of its POS terminal. The move depicts that the financial institution is pretty serious towards achieving its market ventures in the banking industry.
DigitalPass, which is a part of Access Group, is the biggest third-party POS Network in the country and has spread its presence in almost 200 cities across Pakistan. Also, Access Group is a pioneer in the Fintech space bringing innovative solutions for electronic payments in the country, offering services to big customers like Muslim Commercial Bank (MCB), Nike, Summit Bank and others.
For the unfamiliar, POS terminal is a device that enables the merchants to accept electronic payment through debit and credit cards. To be more specific, the device transfers the money from the customer’s account to the merchant’s bank account.
Analysts believe that this move will help UBL to experience increase in market penetration by expanding the reach and footprint of its POS terminals.
Interestingly, over the past few months UBL has been working really hard to gain an upper hand over its competition. The financial institution currently boasts a huge operational network of almost 1,350 branches nationwide and 18 branches overseas. In addition, UBL currently enjoys a position of being a leader in financial and banking service sector in the country with 4 million customers.
In any case, we at BizUpdates believe that the main aim behind this move is to create traction among customers to increase usage of credit and debit cards through POS terminals