On Thursday, April 15, RBL Bank and Mastercard revealed their partnership to introduce the Pay by Bank App, a mobile-based consumer-friendly payment solution that will be the first of its kind in India. Customers of RBL Bank can now use their mobile banking app to make contactless transactions anywhere in the country, whether in-store and online. This feature will be available at all Mastercard-accepting retailers that accept contactless and online payments around the globe. The 'Pay by Bank App' ensures that a bank customer's payment credentials are never revealed to the merchant, ensuring that the transaction is fully secure. Customers' Mastercard customer protection benefits will continue to apply to their debit cards. Customized transaction controls are also included in the solution, enabling Bank customers to keep track of how, when, and where their payment credentials are used.
Bill payments and personal payments through the mobile banking app are also supported by the payment app, which are now widely available across Southeast Asian markets, where it is getting positive feedback from banks and digital players seeking to upgrade their mobile apps by adding digital payment functionality or enabling contactless acceptance. "Our customers are looking to us to provide innovative solutions for easy digital payments that they can trust and rely on. We are happy to be the first movers in this space and launch this unique payment application with Mastercard which offers simple, speedy and secure payments, while also addressing payment challenges that merchants may face such as declines or fraud. It is aligned with our efforts in bringing contactless banking initiatives, eliminating the need for physical contact amidst these unprecedented times of COVID-19," said Surinder Chawla, Head - Branch Banking of RBL Bank.
Porush Singh, Division President, South Asia, Mastercard added that "Underpinned by the security offered by Mastercard and the bank, 'Pay by Bank App' delivers a digital payment solution to meet the needs of consumers seeking online or touch-free payments and wanting to protect their credentials better." He further said that "Contributing towards Government of India's vision to fuel the growth of digital payments, it's another example of how Mastercard's technology is supporting customer banks by making transactions simpler, more seamless and safer."