Mastercard and BOB Financial Solutions Limited (BFSL) 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 which enables cardholders/ SMEs to accept cashless payments using their cards. By doing so, QR on 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 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.
With the newly launched ConQR card programme, small businesses can 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. The card makes it easier for small businesses to receive digital payments in a fast and flexible manner while on the move, such as when making deliveries or serving customers in-store.
Mastercard and Bank of Baroda have a long-standing partnership through which they provide customers with products that address their needs for better choice, safety, and security. Last year, Bank of Baroda launched five new credit cards catering to customers across segments. One of them was Swavlamban, which targets the low-income employees of select corporates and MSMEs. 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.
Launching ConQR, Vikramaditya Singh Khichi, Executive Director, Bank of Baroda said, “Our Bank has a 25-year long relationship with Mastercard. With ConQR, we are proud to take the recently launched Mastercard ‘QR on Card’ service to our business customers. The ConQR Credit Card will be issued exclusively to existing and new merchants who opt for acceptance solutions offered by Bank of Baroda (BoB). The ‘QR on Card’ makes payments safer and more flexible while empowering the cardholders to spend and earn on the same card. BoB and BFSL are working towards integrating latest technology to upgrade all aspects of business. ConQR is backed by Mastercard’s technology prowess to further enhance the user experience and security of payments for our customers. Last year, we launched 5 Credit Card variants for different customer segments. Going forward, we shall continue in our endeavors towards constant value addition for our customers.”
Commenting on the launch, Sandeep Malhotra, Executive Vice President, Products and Innovation, Asia Pacific, Mastercard said, “In the wake of the pandemic, small businesses need agile and easy digital payments solutions with simple onboarding processes and strong security protections – so they can focus on building stronger and more omnichannel businesses. Cardholders are looking for simpler and more efficient payment methods that enable them to pay quickly and safely. 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. Our issuing banks can also use this technology as a powerful way to support the digitalization of their customers by providing them with a frictionless way to operate across all channels.”
MSMEs are the backbone of Indian economy, with close to 30% contribution to the annual GDP (source). With more payment choices, small businesses will drive significant revenues and expand the acceptance footprint in India. Mastercard has been working relentlessly to empower MSMEs and committed Rs. 250 crores to support small businesses in India last year. As a part of this commitment, the company rolled several initiatives like growing digital payments awareness, providing low-cost acceptance solutions – online and offline, drive inclusive growth by enabling small merchants and kirana stores with access to credit and empower women entrepreneurs by increasing their business acumen. At the macro level, this will expedite India’s journey to be a cashless economy and contribute to employment opportunities.
ConQR will be first offered to small businesses who currently use BoB’s acceptance solutions, before making it available to all existing and new customers of BoB’s Current Account desirous of availing payment acceptance solutions offered by BoB.