Mastercard partners Ratnakar Bank to launch QR code payments in India

Source: Mastercard

Mastercard today announced the Indian launch of Masterpass QR, a safe and secure Quick Response (QR) mobile payments solution. Masterpass QR enables mobile banking users to safely pay for face-to-face purchases using their smartphone or feature phone.

Shoppers can make fast, simple and secure digital payments anywhere that Masterpass QR is accepted, which means that they no longer need to carry cash or their physical bank cards to make payments. Ratnakar Bank Limited (RBL Bank) is the first bank in India to integrate the Masterpass QR service into the OnGo digital wallet, its mobile platform powered in conjunction with India Transact Services. The OnGo wallet will host a virtual prepaid Mastercard that customers can use for cashless transactions, including for paying taxi and auto rickshaw fares.

Masterpass QR’s low cost and easy-to-deploy technology is designed to ensure that even the smallest merchants can participate, whether they are in a major city or a more remote area of the country. This is a part of the company’s commitment to support the government’s vision of a less-cash society, while working to ensure no one gets left behind in digital adoption.

“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.” says Porush Singh, Division President - Mastercard, South Asia. He further adds, “With Masterpass QR, we are advancing the use of cashless payment methods to limit the flow of cash in the economy and make decisive steps toward realizing the dream of Digital India.”

Sujatha Mohan, Head, Digital Initiatives, RBL Bank 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.”

In addition, RBL Bank is the first bank globally to launch the Masterpass QR solution using common interoperable standards, recently created in an initiative with other payment providers. The common standard will allow the same QR code technology to be used in all countries and for all payment brands. 

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