RBL Bank and MasterCard have tied up to offer the first of its kind payment functionality service in India. Through the new service ‘Pay by bank app’, customers will be able to pay anytime anywhere in the world.
Private sector banks RBL Bank and MasterCard have launched a mobile-based consumer-friendly payment solution. It is the first payment functionality app of its kind in India. RBL bank account holders will now be able to make in-store and online payments contactless across the world through their mobile banking application. This facility will be available at all MasterCard accepting shops all over the world, which accept contactless and online payments.
Know about Pay by bank app…
This app protects customers from online fraud. The ‘Pay by bank app’ ensures that the bank’s payment credentials never reach the shopkeeper and the transaction is completely safe.
The customers of the bank will continue to get all the security features of MasterCard, which are available on their debit card at this time.
In addition, this solution offers personal exchange control, through which bank customers can determine how, where and when their payment credentials are used.
Recently, due to digital incentives and new rules of health protection and social distancing, the need for more options in digital, contactless payment was realized.
According to a recent MasterCard survey, 49 percent of the people of India are planning to buy more online. At the same time, 68 percent of consumers in India believe.
In-store shopping will be reduced. A large number of people, around 77 percent believe that contactless payment is going to be permanent.
Through this solution, the shop will get the benefit of higher acceptance rate because every payment will be accepted by the account holder himself. In addition, merchants will also get the benefit of increased contactless exchanges as more account holders will use their mobile apps to make payments.
Surinder Chawla, Head – Branch Banking, RBL Bank, said, “We are launching this unique payment application with MasterCard, which offers simple, fast and secure payments to customers on one hand, while on the other hand merchants like rejection or forgery Provides solutions to payment challenges.
This is in line with our efforts to provide contactless banking, so that Kovid-19 does not require physical contact during this unpredictable time.
Pourush Singh, Division President, South Asia, MasterCard, said, “With the security offered by MasterCard and the bank, the ‘Pay by Bank App’ needs online and touch-free payment seekers and consumers seeking better security of their credentials. Provides a digital payment solution to fulfill.
He said, while contributing to the Government of India’s objective of promoting digital payments, this is an example of how MasterCard’s technology is helping customer banks to make exchange easier, easier and more secure.
Other capabilities supported by the payment application include bill payment and personal payment through the mobile banking application. The application is widely available in Southeast Asian markets, where it is receiving favorable response from banks and digital companies, who want to change their mobile apps by adding digital payment capabilities or making contactless acceptance possible for their customers. Huh.
