MasterCard in collaboration with Ratnakar Bank is set to roll out the Masterpass QR, a safe and secure Quick Response (QR) mobile payments solution in India.
Masterpass QR allows mobile banking users to safely pay for face-to-face shopping using their smartphone or feature phone.
The new digital payment channel allows shoppers to make fast, simple and secure digital payments at any place where Masterpass QR is accepted. Users do not require carrying cash or their physical bank cards to make payments.
“Ratnakar Bank is the first lender in India to integrate the Masterpass QR service into the OnGo digital wallet, its mobile platform powered in partnership with India Transact Services,” MasterCard said in a statement.
The OnGo wallet will host a virtual prepaid MasterCard, which can be used for cashless transactions, including for paying taxi and auto rickshaw fares.
Cost effective and easy-to-deploy technology allows even the smallest merchants to use Masterpass QR, whether they are in a major city or a remote area.
MasterCard division president of South Asia Porush Singh said: “The digital payment industry is fast transforming and continuously evolving in India. Our focus is to innovate new, safe and secure technologies that bring the benefits of electronic payments to even more merchants, banks and consumers.
“With Masterpass QR, we are advancing the use of cashless payment methods to limit the flow of cash in the economy and take decisive steps toward realizing the dream of Digital India.”
RBL Bank head of digital initiatives Sujatha Mohan said: “At RBL Bank, we have always strived to be at the forefront of cutting-edge digital payment solutions for our customers.
“We are bullish on products that simplify the payment process and eliminate the need for cash. Frictionless payment solutions such as P2M will go a long way in making India a cashless economy.”