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