Mastercard, BOB Financial launch SME-focussed credit card ConQR
BOB Financial — the credit card arm of Bank of Baroda — and Mastercard have jointly launched a small business-focussed, QR code-embedded credit card that will enable the cardholders to make and receive payments.
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 codes 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 SMBs 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. The 'QR on Card' makes payments safer and more flexible while empowering the cardholders to spend and earn on the same card," said Bank of Baroda Executive Director Vikramaditya Singh Khichi.
Since the outbreak of the COVID-19 pandemic, Mastercard and BOB Financial Solutions (BFSL) have been leveraging technology to bring convenience, simplicity, and security to consumer transactions.
"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.