BOB and Mastercard Unveils ConQR Credit Card to Simplify Digital Payments for Small Merchants
Mastercard and BOB Financial Solutions Limited (BFSL) have come together to offer an easy payment solution for cardholders with the launch of ConQR – a Mastercard QR on Card solution. The ConQR solution uses a Mastercard patented technology that enables cardholders to accept cashless payments using their cards. A joint statement explains that the QR on the 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 personally identifiable information to receive payments to ensure online safety. Furthermore, the solution seemingly helps banks displace cash and strengthen the cardholder relationship and reduces the operational costs with fewer chargebacks, resulting in increased revenue from electronic payments, for the banks.
Commenting on the launch, Sandeep Malhotra, Executive Vice President, Products and Innovation, the Asia Pacific at Mastercard said that small businesses need easy digital payments solutions with simple onboarding processes amid the COVID-19 pandemic. “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,” the senior executive added.
Vikramaditya Singh Khichi, Executive Director of Bank of Baroda also lauded the development and stated that ConQR Credit Card would be issued exclusively to existing and new merchants who opt for acceptance solutions offered by Bank of Baroda. “The ‘QR on Card’ makes payments safer and more flexible while empowering the cardholders to spend and earn on the same card,” Khichi in a statement stated.
With the newly launched ConQR card programme, small businesses would be able to use QR (printed onto the card as part of the card personalisation 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.