Scan QR code to make cashless payment

Banks and payment companies are trying to find ways to alleviate the current hassles faced by millions of Indians in making payments in the absence of small denomination currency.

Last week, Mastercard the global payments leader, brought the QR or Quick Response code version of their Masterpass payment technology to India -- offering yet another option for customers with bank accounts to make cashless payments at suitably equipped points of sales. using just their mobile phones.

Ratnakar Bank Limited (RBL Bank) is the first bank in India to integrate the Masterpass QR service into its mobile platform, the OnGo digital wallet, powered in conjunction with India Transact Services. The OnGo wallet will host a virtual prepaid Mastercard that customers can use for cashless transactions, including for paying taxi and auto rickshaw fares.

Says Porush Singh, Division President, Mastercard, South Asia: "With Masterpass QR, we are advancing the use of cashless payment methods to limit the flow of cash in the economy and take decisive steps toward realizing the dream of Digital India.”

This is how Masterpass QR works for the customer who --

- Launches his smartphone application that has been enabled for Masterpass QR

- Scans the merchant QR code displayed at merchant point-of-sale

- Enters the transaction amount to initiate payment

- Confirms the transaction with a PIN

- Receives instant confirmation of successful funds transfer

- Collects goods when merchant receives payment notification

The success of all such cashless options, is dependent on how many merchants and points of sale are geared for QR based payments.