Mastercard and BOB Financial Solutions Limited (BFSL) joined hands together and developed a new way for the users to make cashless transactions. The new frictionless payments solution is called ‘ConQR’. It is a Mastercard QR on Card solution that will enable users to both pay and receive money without needing to engage in a physical transaction.
Further, this solution stands to benefit small businesses in accepting cashless payments. Users won’t have to give out their personal information for making transactions with the ConQR technology of Mastercard. This will ultimately result in a better and more secure experience for the users when they make cashless payments. On top of this, the operational costs for making transactions will reduce with fewer chargebacks, meaning increased revenue levels for the banks.
ConQR Credit Card Will Have Bharat QR Code
The release from Mastercard mentioned that the ConQR Credit Cards would come with a Bharat QR code. For the unaware, the Bharat QR code is an online payment acceptance solution that enables users to both send and receive money from their respective UPI IDs.
With the ConQR credit cards, small businesses can leverage QR printed on the card to receive money as well as make payments. It is a cost-efficient money acceptance system with a very simple onboarding process.
For launching the ConQR credit cards in India, Mastercard has chosen its old partner Bank of Baroda (BoB). Only Bank of Baroda will be able to issue credit cards with ConQR technology to new and existing business merchants.
One benefit of the ‘QR on Card’ solution is that it makes payments a more flexible and secure experience for the cardholders while allowing them to both pay and receive on the same card.
The QR on Card solution is a really clever workaround from Mastercard to enable Indians for making cashless transactions. Users who don’t want to make online transactions from their smartphones can make use of this card for making the payment. The nature of the payment will still remain cashless, yet the user won’t have to use his/her smartphone.
It is a simpler solution that a lot of users and merchants in the country will appreciate. Only Bank of Baroda has the exclusive right as of now to issue credit cards with Mastercard’s QR on Card technology.