Mastercard and BoB Financial Solutions have entered into an agreement to let BoB Financial provide small- and medium-sized business (SMB) customers with credit cards they can use to receive money as well as spend it, the companies announced in a press release.
The card is called ConQR, and it is a Mastercard QR on Card solution, the release stated.
“With the newly launched ConQR card program, small businesses can use QR (printed onto the card as part of the card personalization process) to make payments, while also enjoying the ability to receive payments with cost-efficient acceptance enablement costs and a simpler onboarding process,” the release stated, adding: “The card makes it easier for small businesses to receive digital payments in a fast and flexible manner while on the move, such as when making deliveries or serving customers in-store.”
By scanning the QR codes printed on the cards whose holders they’re paying, parties in transactions will not need to share sensitive personal information, according to the release.
BoB Financial Solutions is owned by Bank of Baroda. The company’s primary business is credit cards and merchant acquiring.
Bank of Baroda Executive Director Vikramaditya Singh Khichi said in the release: “The ConQR Credit Card will be issued exclusively to existing and new merchants who opt for acceptance solutions offered by Bank of Baroda.”
Sandeep Malhotra, executive vice president for Products and Innovation in the Asia Pacific region for Mastercard, said in the release: “In the wake of the pandemic, small businesses need agile and easy digital payments solutions with simple onboarding processes and strong security protections — so they can focus on building stronger and more omnichannel businesses. Cardholders are looking for simpler and more efficient payment methods that enable them to pay quickly and safely. With Mastercard QR on Card, they can enjoy all of these benefits on one card.”
Malhotra added in the release that the new card will let banks provide customers with “a frictionless way to operate across all channels.”
According to the release, Mastercard and Bank of Baroda have been doing business together for 25 years.
In the United States, use of credit cards by operators of SMBs expanded as the pandemic’s economic fallout worsened in mid-2020, PYMNTS reported. Data issued by a number of industry players at the time indicated SMB owners were adding personal credit card debt and drawing down personal savings.