The quick response code will bring together American Express, VISA, Mastercard and UnionPay in Bangladesh.
The City Bank QR code is designed to be used in an interoperable mobile payment solution that can be used for VISA, Mastercard, American Express and UnionPay transactions
The service is meant to help eliminate the need for separate barcode scans for each payment network.
As a result, a merchant can display a single City Bank QR code at the front of a store for use regardless of the payment method the customer wants to use. This helps to reduce the need for many barcodes cluttering a checkout area. The barcode can also be scanned by tourists and other visitors to Bangladesh who wish to pay using one of the compatible transaction methods. In this way, it also helps merchants to be able to cater to payments from international sources.
To be able to use the quick response barcodes, customers must download the Citytouch official City Bank banking app. Then, they must assign a default payment option in the form of a credit, debit or prepaid card. After that point, all they need to do to complete a purchase transaction in a store is scan the QR barcode displayed at checkout.
The idea behind the City Bank QR code is to streamline the point of sale checkout process.
“This will eliminate the huge investment that banks make in deployment of POS (point of sales) terminals,” said Mashrur Arefin, managing director and CEO. “Our QR payment solution is an example of interoperability which is also aligned with Bangladesh Bank’s vision.”
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This no-contact mobile payments system also helps Bangladesh to work toward its goal of being a cashless society. Beyond that, because it is indeed no-contact, it will also help shoppers and merchants to interact safely at a distance throughout the pandemic crisis, said a report in The Daily Star.
“Electronic payments have a long runway in Bangladesh and American Express is committed to bringing new, innovative payment capabilities to the market to support this growth,” explained American Express vice president of global network services in South Asia, Divya Jain.
The City Bank QR code offers a low-cost opportunity for transacting digital payments in a highly affordable, accessible and convenient way across Bangladesh, affirmed VISA head of merchant sales and acquiring in India and South Asia, Shailesh Paul.