Mastercard, Ratnakar Bank join hands for QR Code Payments

Payment gateway player Mastercard today launched a mobile payment solution, Masterpass Quick Response (QR).
RBL Bank becomes the first bank to integrate the Masterpass QR service into the OnGo digital wallet, its mobile platform powered in conjunction with India Transact Services, Mastercard said in a statement.
The OnGo wallet will host a virtual pre-paid Mastercard that customers can use for cashless transactions, including for paying taxi and auto rickshaw fares, it said.
Masterpass QR enables mobile banking users to safely pay for face-to-face purchases using their smartphones or feature phones, it said.
Shoppers can make fast, simple and secure digital payments at any place where Masterpass QR is accepted, which means that they no longer need to carry cash or their physical bank cards to make payments, it said.

Masterpass QR's low cost and easy-to-deploy technology is designed to ensure even the smallest merchants can participate, whether they are in a major city or a remote area.