With the introduction of ConQR, a Mastercard QR on Card solution, Mastercard and BOB Financial Solutions Limited (BFSL) have teamed up to provide cardholders with a fast payment solution. The ConQR solution makes use of a proprietary Mastercard platform that allows cardholders to make cashless transactions using their cards. According to a joint release, the card's QR code makes purchases more convenient and allows cardholders (primarily small companies) to spend and benefit on the same card. To maintain online security, the solution does not enable cardholders to have personally identifiable information in order to accept payments. Moreover, the approach seems to assist banks in replacing cash, strengthening cardholder relations, and lowering operational costs by less chargebacks, resulting in increased revenue from digital payments.
Sandeep Malhotra, Executive Vice President, Products and Innovation, Asia Pacific at Mastercard, commented on the launch, saying that in the midst of the COVID-19 pandemic, small businesses need simple digital payment solutions with simple onboarding processes. As part of the card personalisation system, the ConQR Credit Card will have a Bharat QR Code on the card front, turning the payment tool into an authentication point by inserting a QR Code that contains the small businesses' records. The card allows users to accept digital payments quickly and easily on the go, such as while making deliveries or servicing customers with faster in-store payments. Cardholders are searching for more reliable and convenient payment options that allow them to pay easily and securely. They will get all of these advantages on one card with Mastercard QR on Card. On the move, they can accept and render cashless payments. Our authorizing banks will also use this new tech to help their customers become more digital by supplying them with a seamless way to transact through all platforms, said Sandeep Malhotra, Executive Vice President, Products and Innovation, Asia Pacific. He further added that "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 development is also endorsed by Vikramaditya Singh Khichi, Executive Director of Bank of Baroda, who claimed that the ConQR Credit Card will be provided exclusively to current and new merchants who choose Bank of Baroda's acceptance solutions. He also stated in a statement that "The 'QR on Card' makes payments safer and more flexible while empowering the cardholders to spend and earn on the same card."