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BOB Financial, Mastercard launch QR on card solution for accepting payments

MAS Team 24 April 2021
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Mastercard and BOB Financial Solutions ltd have launched ConQR - a Mastercard QR on Card solution. This solution enables cardholders/SMEs to accept cashless payments using their cards without giving out personally identifiable information, as reported by The Economic Times. 
 
The ConQR Credit Card will have a Bharat QR Code on the card face 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. 
 
The ConQR solution will help 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.
 
Launching ConQR, Vikramaditya Singh Khichi, Executive Director, Bank of Baroda, in a statement, said, “The ConQR Credit Card will be issued exclusively to existing and new merchants who opt for acceptance solutions offered by Bank of Baroda (BoB). BoB and BFSL are working towards integrating latest technology to upgrade all aspects of business. Going forward, we shall continue in our endeavors towards constant value addition for our customers.” 
 
ConQR will be first offered to small businesses that 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.
 

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Changes in Our Business Model
 
 
25th Sept 2020
 
Greetings from Moneylife Advisory Services
 
Between financial years 2019-21, SEBI has come up with extensive changes to investor advisor regulations. On Sep 23, 2020, SEBI had issued new additional guidelines. This comes just two months after extensive changes announced in July 2020. Earlier, in December 2019 there was an ad hoc circular
 
As a result of these changes, IAs, cannot accept fees through credit cards, will have to sign a 26-clause investor agreement, have to maintain physical record written & signed by client, telephone recording, emails, SMS messages and any other legally verifiable record for five years. IAs were already asked to record the suitability and rationale for every piece of advice given, sign them and store them for five years.
 
While these extensive and frequent changes, designed to strengthen the conduct of IAs are well-meaning, these have sharply increased compliance efforts and cost. We, being online advisors, find many of changes harder to implement, compared to advisors working in the physical space. We will have to have an army of advisors, administrative and tech staff to be compliant. If we do this, we will have to divert money to these areas and the cost of our service will double. We want to remain the least-cost service in the market to benefit more and more people. In the circumstances, we are forced to change our business model from “advisory” to “research”. This will mean the following:
 
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What changes:
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Over the next few weeks our site and our communication to you will reflect these and other additional changes.
 
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Debashis Basu
Founder