Mastercard and Bank of Baroda Financial Solutions(BFSL) just announced an exciting news for its cardholders. Both the parties have come together to offer an easy, frictionless payment solution for cardholders with the launch of ConQR – a Mastercard QR on Card solution.
This solution uses a Mastercard patented technology that helps cardholders or SMEs to accept cashless payments using their cards. QR on Card makes payments more flexible and empowers cardholders 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. Last year, Bank of Baroda 5 new credit cards helping customers across various segment. Since the outbreak of the Covid-19 pandemic, Mastercard and BOB Financial Solutions (BFSL) have also been leveraging technology to bring convenience, simplicity and security to consumer transactions. With the newly launched ConQR card programme, small businesses can use QR to make payments, while also receiving 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 converting the payment instrument into an acceptance point as well, by affixing a QR Code that carries the small businesses’ details. Mastercard and BOB Financial Solutions (BFSL) have also been leveraging technology to bring convenience, simplicity and security to consumer transactions. The card made easier for people who receive digital payment in fast manner with easier approach.
