SPONSORED CONTENT

RBL Bank and Mastercard partner to offer first-of-its-kind, payment functionality in India

April 15, 2021 23:30 IST | ANI Press Release
Tennis player James Blake
Mastercard

Mumbai (Maharashtra) [India], April 15 (ANI/NewsVoir): RBL Bank and Mastercard today announced their partnership to launch a mobile-based consumer-friendly payment solution - the Pay by Bank App, a first-of-its-kind payment functionality in India.

RBL Bank account holders can now enjoy contactless transactions across the world through their mobile banking application both in-store and online. This functionality will be available at all Mastercard accepting merchants, worldwide that accept contactless and online payments.

To provide enhanced security, 'Pay by Bank App' ensures that bank consumer's payment credentials are never exposed to the merchant, making the transaction completely secure. Customers will continue to receive the Mastercard consumer protection benefits that they currently enjoy on their debit cards. Additionally, the solution offers personalized transaction controls that enable bank's customers to dictate how, where and when their payment credentials are used.

The recent momentum towards digital, triggered by new norms of health protection and social distancing have highlighted the need for more choice in making digital, contactless payments. As per a recent Mastercard survey, 49 per cent of people in India are planning to make more purchases online. At the same time, 68 per cent of consumers in India think less in-store shopping is here to stay. A large majority - 77 per cent - also believe the shift to contactless payments is permanent.

Through this solution, merchants benefit from increased approval rates as each transaction will be authenticated by the account holders. Additionally, merchants will benefit from the increased volume of contactless transactions as more account holders leverage their mobile app for making payments.

Surinder Chawla, Head - Branch Banking at RBL Bank, said, "Our customers are looking to us to provide innovative solutions for easy digital payments that they can trust and rely on. We are happy to be the first movers in this space and launch this unique payment application with Mastercard which offers simple, speedy, and secure payments, while also addressing payment challenges that merchants may face such as declines or fraud. It is aligned with our efforts in bringing contactless banking initiatives, eliminating the need for physical contact amidst these unprecedented times of COVID-19."

"Underpinned by the security offered by Mastercard and the bank, 'Pay by Bank App' delivers a digital payment solution to meet the needs of consumers seeking online or touch-free payments and wanting to protect their credentials better," said Porush Singh, Division President, South Asia, Mastercard. "Contributing towards Government of India's vision to fuel the growth of digital payments, it's another example of how Mastercard's technology is supporting customer banks by making transactions simpler, more seamless and safer."

Additional capabilities supported by the payment application include bill payments and personal payments via the mobile banking application that are already widely available across South East Asian markets where it is receiving a favourable response from banks and digital players who are looking to transform their mobile apps by adding digital payment capabilities or to enable contactless acceptance for their customers.

This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article. (ANI/NewsVoir)

DISCLAIMER


(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

 

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

RBL Bank and Mastercard partner to offer first-of-its-kind, payment functionality in India

Mumbai (Maharashtra) [India], April 15 (ANI/NewsVoir): RBL Bank and Mastercard today announced their partnership to launch a mobile-based consumer-friendly payment solution - the Pay by Bank App, a first-of-its-kind payment functionality in India.

RBL Bank account holders can now enjoy contactless transactions across the world through their mobile banking application both in-store and online. This functionality will be available at all Mastercard accepting merchants, worldwide that accept contactless and online payments.

To provide enhanced security, 'Pay by Bank App' ensures that bank consumer's payment credentials are never exposed to the merchant, making the transaction completely secure. Customers will continue to receive the Mastercard consumer protection benefits that they currently enjoy on their debit cards. Additionally, the solution offers personalized transaction controls that enable bank's customers to dictate how, where and when their payment credentials are used.

The recent momentum towards digital, triggered by new norms of health protection and social distancing have highlighted the need for more choice in making digital, contactless payments. As per a recent Mastercard survey, 49 per cent of people in India are planning to make more purchases online. At the same time, 68 per cent of consumers in India think less in-store shopping is here to stay. A large majority - 77 per cent - also believe the shift to contactless payments is permanent.

Through this solution, merchants benefit from increased approval rates as each transaction will be authenticated by the account holders. Additionally, merchants will benefit from the increased volume of contactless transactions as more account holders leverage their mobile app for making payments.

Surinder Chawla, Head - Branch Banking at RBL Bank, said, "Our customers are looking to us to provide innovative solutions for easy digital payments that they can trust and rely on. We are happy to be the first movers in this space and launch this unique payment application with Mastercard which offers simple, speedy, and secure payments, while also addressing payment challenges that merchants may face such as declines or fraud. It is aligned with our efforts in bringing contactless banking initiatives, eliminating the need for physical contact amidst these unprecedented times of COVID-19."

"Underpinned by the security offered by Mastercard and the bank, 'Pay by Bank App' delivers a digital payment solution to meet the needs of consumers seeking online or touch-free payments and wanting to protect their credentials better," said Porush Singh, Division President, South Asia, Mastercard. "Contributing towards Government of India's vision to fuel the growth of digital payments, it's another example of how Mastercard's technology is supporting customer banks by making transactions simpler, more seamless and safer."

Additional capabilities supported by the payment application include bill payments and personal payments via the mobile banking application that are already widely available across South East Asian markets where it is receiving a favourable response from banks and digital players who are looking to transform their mobile apps by adding digital payment capabilities or to enable contactless acceptance for their customers.

This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article. (ANI/NewsVoir)

DISCLAIMER


(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22