Global time payment processing firm Mastercard today announced the India launch of Masterpass QR, a quick response (QR) mobile payments solution to help mobile banking users safely pay for face-to-face purchases using their smartphone or feature phone.
“Shoppers can make fast, simple and secure digital payments at any place where Masterpass QR is accepted, which means that they no longer need to carry cash or their physical bank cards to make payments,” Mastercard said in a statement.
Mastercard has tied up with Ratnakar Bank (RBL Bank) which has become the first lender to integrate the Masterpass QR service with its its mobile platform — the OnGo digital wallet.
The OnGo wallet would host a virtual prepaid Mastercard that customers can use for cashless transactions, including payment of taxi and auto rickshaw fares.
“With Masterpass QR, we are advancing the use of cashless payment methods to limit the flow of cash in the economy and take decisive steps toward realising the dream of Digital India,” Mastercard division president (South Asia) Porush Singh said.