Pakistan's Islamic bank Meezan Bank and digital payments firm Inov8 have entered into an agreement to launch a new digital ecosystem – FalconPay Payments.

Powered by MasterCard’s digital wallet solution Masterpass, the platform will enable FalconPay users to pay for in-store, online and on-the-go purchases, make digital or bill payments, book and pay for movie and bus tickets.

Under the agreement, Meezan Bank customers will be able to link their bank accounts with the FalconPay mobile app to make transaction.

Meezan Bank president and CEO Irfan Siddiqui said: “I believe this agreement will help both the parties to set up a new standard for digital banking by enabling Meezan Bank to capture its customers’ transactions, meeting their real-time needs and proceeding towards a fully digital relationship.”

Inov8 co-founder and co-CEO Hasnain Sheikh said: “We are delighted in strengthening the digital ecosystem for Meezan Bank, Pakistan’s fastest growing bank.  Our best in class platform will create a new era of digital banking and payments for issuers, acquirers, and merchants.”