Reported by: banking|Updated: May 3, 2021
Mastercard and BOB Financial Solutions have come together to offer an easy, frictionless payment solution for cardholders – ConQR, a Mastercard QR on Card solution. It uses a Mastercard patented technology that enables cardholders/ SMEs to accept cashless payments using their cards. By doing so, QR on Card makes payments more flexible and empowers cardholders (mainly small merchants) to spend and earn on the same card. The solution does not require cardholders to give out personally identifiable information to receive payments, providing them with an important layer of security. It also helps banks displace cash and strengthen the cardholder relationship and reduce operational costs with fewer chargebacks, resulting in increased revenue from electronic payments for the banks. Small businesses can use QR (printed onto the card as part of the card personalization process) to make payments, while also enjoying the ability to receive 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.