BOB Financial and Mastercard have jointly launched small business-focussed QR code embedded credit card that will not only enable the cardholders to make payments but receive them as well. BOB Financial is the credit card arm of Bank of Baroda. ConQR is a Mastercard QR on card solution that enables cardholders/ SMEs to accept cashless payments using their cards, the global payments giant said in a release on Thursday. With the newly launched ConQR card programme, small businesses can use QR to make payments, while also enjoying the ability to receive payments with cost-efficient acceptance enablement costs and a simpler onboarding process, it added.
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, which means the owner of the card can spend as well as earn on the same card. Mastercard said the card makes it easier for small businesses to receive digital payments in a fast and flexible manner while on the move. While receiving payments, the cardholders will not be required to give out personally identifiable information, it added. Also, 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.
“Our Bank has a 25-year-long relationship with Mastercard. The ConQR credit card will be issued exclusively to existing and new merchants who opt for acceptance solutions offered by Bank of Baroda (BoB). “The ‘QR on Card’ makes payments safer and more flexible while empowering the cardholders to spend and earn on the same card,” Bank of Baroda Executive Director Vikramaditya Singh Khichi said. BoB and BFSL are working towards integrating the latest technology to upgrade all aspects of business, he added. “ConQR is backed by Mastercard’s technology prowess to further enhance the user experience and security of payments for our customers. Last year, we launched 5 credit card variants for different customer segments. Going forward, we shall continue in our endeavours towards constant value addition for our customers,” Khichi said.
Since the outbreak of the COVID-19 pandemic, Mastercard and BOB Financial Solutions (BFSL) have also been leveraging technology to bring convenience, simplicity and security to consumer transactions, according to a release. “In the wake of the pandemic, small businesses need agile and easy digital payments solutions with simple onboarding processes and strong security protections so they can focus on building stronger and more omnichannel businesses,” Sandeep Malhotra, Executive Vice President, Products and Innovation, Asia Pacific, Mastercard said. Recognising that MSMEs contribute close to 30 per cent to India’s GDP, Mastercard said with more payment choices, small businesses will drive significant revenues and expand the acceptance footprint in India.