QR Codes are one of those innovations that only seems to gain appreciation over time. Whereas it was first introduced as a niche product to present more information to mobile users on demand, it is now becoming a more than viable payment technology. Ratnakar Bank and Mastercard are teaming up to introduce QR code payments in India. Under the Masterpass QR banner, this new mobile solution will try to compete with other offerings in the country.
An Even More Competitive Mobile Payment Ecosystem
Competition in the payment industry is always beneficial to consumers all over the world. Even established companies, such as MasterCard, need to innovate if they want to remain relevant. Masterpass QR, a mobile payment solution focusing on QR code functionality, has been launched in India as of today. This payment method lets users complete peer-to-peer purchases using either a smartphone or a feature phone.
Creating payments in a quick and secure manner is the number one priority for any company right now. Removing the need for cash seems to be a global trend, even though very few people expect cash to go away anytime soon. That being said, mobile payments are quickly becoming the new norm, and MasterCard wants to be a part of this ecosystem.
With the help of Ratnakar Bank, QR code payments are now possible in the Country. The service has been integrated into the OnGo digital wallet, which is a proprietary service offered by the bank. Users of this platform can create virtual prepaid MasterCards which can be used for cashless transactions, both online and in-store.
What makes this technology so appealing is how the costs are kept at an all-time low. More importantly, the Masterpass QR system is accessible by all retailers, regardless of their size and transaction volume. Moreover, the Indian Government has expressed its desire to transition towards a less-cash society in the coming years.
Mastercard South Asia Division President Porush Singh told the media:
“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 make decisive steps toward realizing the dream of Digital India.”
QR code payments are not a new technology by any means. Bitcoin wallets, both on computers and mobile devices, have been offering this functionality for several years now. Slowly but surely, the rest of the financial world is starting to appreciate this technology as well. More competition is always a good thing, even if that means borrowing concepts from the Bitcoin ecosystem.
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