Question : Which authorities have come together to launch world’s first QR on Card programme ?
(a) BOB Financial and Mastercard
(b) PNB Financial and Visa
(c) SBI capital and PayPal
(d) HDFC and American Express
Ans.(a)
Related facts
- 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.
By — Pankaj Pandey.