Ratnakar Bank has joined up with the credit card giant to offer mobile payments via quick response codes.
RBL Bank has become the first in India to integrate the MasterCard QR code into its mobile payment service. This has brought the quick response codes into the OnGo mobile wallet. OnGo is the RBL Bank mobile platform which is jointly powered with India Transact. This according to a statement from MasterCard.
The goal is to launch a new mobile wallet into the Indian marketplace that will become a major player.
This mobile payments solution functions with the MasterCard QR Code called MasterPass Quick Response. This has made it possible for the OnGo mobile wallet app to be able to provide customers with a number of different virtual pre-paid MasterCard options. This solution can be made for several different forms of cashless transaction. This includes paying for fares in rickshaws and taxis, for example.
The MasterCard QR code scans make it possible for users to securely complete face to face transactions.
To use the service, consumers will need to make sure they are shopping somewhere that accepts the MasterPass QR. From there, they can shop as they normally would – either in a cab or a store – and then use their smartphones instead of cash, debit or credit.
They can make their way through the transaction as they normally would and then authenticate the payment through the mobile wallet app through a QR code scan. This makes it possible for the service to be used by consumers using a range of different types of smartphone. Moreover, it is not dependent on NFC technology integration, which is not available in the majority of smartphones in India.
That said, a MasterCard QR code can be used by anyone with the OnGo app and a smartphone with a working camera. This feature can be available to merchants of all sizes. Even the tiniest ones located in remote areas will have everything they need to be able to accept these payments. This opens up the potential for both customers and businesses to transact more easily and smoothly. Time will tell whether or not adoption is successful for this mobile payments service.