RBL Bank and Mastercard have announced their partnership to launch a mobile based consumer-friendly payment solution – the Pay by Bank App, a first-of-its-kind payment functionality in India. RBL Bank account holders can now enjoy contactless transactions across the world through their mobile banking application both in-store and online. This functionality will be available at all Mastercard accepting merchants, worldwide that accept contactless and online payments. ‘Pay by Bank App’ ensures that bank consumer’s payment credentials are never exposed to the merchant, making the transaction completely secure. Customers will continue to receive the Mastercard consumer protection benefits that they currently enjoy on their debit cards. Additionally, the solution offers personalized transaction controls that enable bank’s customers to dictate how, where and when their payment credentials are used. Through this solution, merchants benefit from increased approval rates as each transaction will be authenticated by the account holders. Additionally, merchants will benefit from increased volume of contactless transactions as more account holders leverage their mobile app for making payments.
