Mastercard and BOB Financial partner to launch ConQR - World’s first QR on Card
Bank of Baroda subsidiary - BOB Financial Solutions has partnered with Mastercard to convert credit cards into payment acceptance devices by incorporating a QR Code. The payment-accepting credit cards will be issued to small merchants to enable them to receive cashless payments using the `scan and pay' feature.
ConQR - the QR on Card solution by Mastercard 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.
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 and affixing a QR Code that carries the small businesses’ details as part of card personalization.
Vikramaditya Singh Khichi, the executive director, Bank of Baroda, said, “The ConQR Credit Card will be issued exclusively to existing and new merchants who opt for acceptance solutions offered by Bank of Baroda (BoB). The ‘QR on Card’ makes payments safer and more flexible while empowering the cardholders to spend and earn on the same card.”
Disclaimer: To spread awareness among the plastic money enthusiasts, this article has been mimicked from TOI, and minor changes have been made thereupon. ChargePlate does not intend to plagiarize any third-party's exertion.
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Mastercard and BOB Financial partner to launch ConQR - World’s first QR on Card
Reviewed by Rahmat
on
April 23, 2021
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Reviewed by Rahmat
on
April 23, 2021
Rating:
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