The payment solution does not require cardholders to give out personally identifiable information to receive payments, providing them with an important layer of security.
Mastercard and Bank of Baroda Financial Solutions (BFSL) have come together to offer an easy, frictionless payment solution for cardholders with the launch of ConQR – a Mastercard QR on Card solution.
This solution uses a Mastercard patented technology that enables cardholders or SMEs to accept cashless payments using their cards. By doing so, QR on Card makes payments more flexible and empowers cardholders to spend and earn on the same card.
Note that, the solution does not require cardholders to give out personally identifiable information to receive payments, providing them with an important layer of security. 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.
With the newly launched ConQR card programme, small businesses can use QR (printed onto the card as part of the card personalisation process) to make payments, while also receiving payments with cost-efficient acceptance enablement costs and a simpler onboarding process. The ConQR Credit Card will have a Bharat QR Code on the card face (as part of the card personalisation process) converting the payment instrument into an acceptance point as well, by affixing a QR Code that carries the small businesses’ details. The card makes it easier for people to receive digital payments in a fast and flexible manner while on the move, such as when making deliveries or serving customers in-store.
Sandeep Malhotra, Executive Vice President, Products and Innovation, Asia Pacific, Mastercard says, “Cardholders are looking for simpler and more efficient payment methods that enable them to pay quickly and safely. With Mastercard QR on Card, they can enjoy all of these benefits on one card. They can accept and make cashless payments on the go. Our issuing banks can also use this technology as a powerful way to support the digitalization of their customers by providing them with a frictionless way to operate across all channels.”
Last year, Bank of Baroda launched five new credit cards catering to customers across segments. One of them was Swavlamban, which targets the low-income employees of select corporates and MSMEs. Since the outbreak of the Covid-19 pandemic, Mastercard and BOB Financial Solutions (BFSL) have also been leveraging technology to bring convenience, simplicity and security to consumer transactions.