RBL Bank is the only bank to integrate the Masterpass QR service into its OnGo mobile digital wallet. Photo: Bloomberg
New Delhi: Global payments & technology company MasterCard on Wednesday introduced Masterpass QR, a safe and secure ‘quick response’ (QR) mobile payments solution in India.
Masterpass QR is a digital wallet service, which allows mobile banking users to safely pay for face-to-face purchases using their smartphones. To make purchases, users can scan a QR code displayed on the merchant’s device using a mobile app, without cash or cards.
“The digital payment industry is fast transforming and continuously evolving in India. Our focus is to innovate new, safe and secure technologies that bring the benefits of electronic payments to even more merchants, banks and consumers,” said Porush Singh, division president, Mastercard, South Asia, in a press statement.
ALSO READ: Cash crunch: mPOS service providers record surge in transactions, sign-ups
Cashless transactions hit a record high after the government withdrew Rs500 and Rs1,000 notes on 8 November.
“With Masterpass QR, we are advancing the use of cashless payment methods to limit the flow of cash in the economy and take decisive steps toward realizing the dream of Digital India,” he added.
RBL Bank is the only bank to integrate the Masterpass QR service into its OnGo mobile digital wallet. The wallet will host a virtual prepaid MasterCard that customers can use for cashless transactions, including for paying taxi and auto rickshaw fares.
Sujatha Mohan, head, digital Initiatives, RBL Bank, said, “At RBL Bank, we have always strived to be at the forefront of cutting-edge digital payment solutions for our customers. We are bullish on products that simplify the payment process and eliminate the need for cash. Frictionless payment solutions such as P2M, or person-to-merchant service, will go a long way in making India a cashless economy.”
ALSO READ: Mobile payment transaction volume to reach Rs153 billion by FY22: Assocham
Masterpass QR’s low-cost and easy-to-deploy technology is designed to ensure that even the smallest merchants can participate, whether they are in a major city or a remote area.