Mastercard introduced QR on Card solution in India

It will be first offered to small businesses who currently use BoB’s acceptance solutions, before making it available to all existing and new customers

Mastercard

Mastercard unveiled QR on Card solution to ease digital payments in India. Source: pexels.com

Mastercard has teamed up with Bank of Baroda Financial Solutions Limited (BFSL) to launch ConQR – a Mastercard QR on Card solution.

This solution enables Indian cardholders (mainly SMEs) to accept cashless payments using their cards. By doing so, QR on Card empowers cardholders to spend and earn on the same card.

According to the press release, the solution does not require cardholders to give out personally identifiable information to receive payments. Furthermore, it helps banks displace cash and strengthen the cardholder relationship. It also reduces the operational costs with fewer chargebacks, resulting in increased revenue from electronic payments, for the banks.

The ConQR Credit Card will have a Bharat QR Code on the card face (as part of the card personalization process) converting the payment instrument into an acceptance point as well, by affixing a QR Code that carries the small businesses’ details.

Our Bank has a 25-year long relationship with Mastercard.  With ConQR, we are proud to take the recently launched Mastercard ‘QR on Card’ service to our business customers. The ConQR Credit Card will be issued exclusively to existing and new merchants who opt for acceptance solutions offered by Bank of Baroda (BoB). The ‘QR on Card’ makes payments safer and more flexible while empowering the cardholders to spend and earn on the same card. BoB and BFSL are working towards integrating latest technology to upgrade all aspects of business. ConQR is backed by Mastercard's technology prowess to further enhance the user experience and security of payments for our customers.  Last year, we launched 5 Credit Card variants for different customer segments.  Going forward, we shall continue in our endeavors towards constant value addition for our customers
Vikramaditya Singh Khichi, Executive Director, Bank of Baroda

We’ve reported that PayPal and Fiserv teamed up to push QR code payments.

SEE ALSO: