Mastercard and Bank of Baroda Financial Solutions (BFS) all together have launched ConQR – a Mastercard QR on card Solution.
Accordingly, the Cardholders or SMEs can accept cashless payments using their cards. QR on cards makes payments more flexible and empowers cardholders to spend and earn on same card.
However, the solution does not require card holder to give out personally identifiable information to receive payments, providing with an important layer of security.
Further, it allows banks to reduce the operational costs with fewer chargebacks.