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BFSL, Mastercard Launched World’s 1st QR on Card Program – ConQR to Support SMEs

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Mastercard, BOB Financial launch SME focussed credit cardOn April 22, 2021, The Mastercard and Bank of Baroda Financial Solutions (BFSL), a wholly-owned subsidiary of Bank of Baroda came together to launch World’s 1st QR on Card Program ‘ConQR’ – a Mastercard QR on Card solution to simplify digital payments of Small and medium-sized enterprises (SMEs).

About ConQR:

  • The ConQR Credit Card will have a Bharat QR Code on the card face (as part of the card personalisation process), and it will works based on a Mastercard patented technology.
  • Thus the cardholders/ SMEs can use the ConQR card  to accept cashless payments i.e they can use QR in the card to make payments, and also receive payments (the card acts as an acceptance point as well)
  • The QR Code will also carry the small businesses’ details thus making it easier for small businesses to receive digital payments.
  • Availability: ConQR card will be first offered to small businesses that currently use BoB’s acceptance solutions, and later it will be available to all existing and new customers of BoB.

Note – In 2020 Bank of Baroda launched five new credit cards; one of them was Swavlamban, which targets the low-income employees of select corporate and Micro, Small & Medium Enterprises (MSMEs).

Recent Related News:

On March 04, 2021, in Korea, Mastercard, Samsung Electronics’ System LSI Business, and Samsung Card signed a Memorandum of Understanding (MoU) to develop a biometric card with a built-in fingerprint scanner sensor.

About BOB Financial Solutions Limited:

Establishment – 1994
Headquarters – Mumbai, Maharashtra
MD&CEO – Shailendra Singh

About Mastercard:

Headquarters – New York, U.S.
President and CEO – Michael Miebach