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.