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MasterCard jumps on the QR code payments bandwagon

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Following demonetization, MasterCard is offering QR code-based payments for merchants through a solution called Masterpass, which it is rolling out with RBL Bank; mobile wallet OnGo, which is trying to bring digital payments to auto-rickshaws in Mumbai, will be the first application allowing customers to send money through QR codes. How it works: Essentially, Masterpass links a card issued by MasterCard to an application. Once activated, customers will have to scan the QR code to initiate a payment and the amount is deducted from the linked card. Masterpass allows card issuers to develop their own digital payment solution using APIs and SDKs, while merchants can use the same to enable checkout online and within mobile apps. Visa has something similar: its competitor Visa has a similar product called mVisa for QR codes and has tied up HDFC Bank, ICICI Bank, Axis Bank and State Bank of India. mVisa is available on a number of applications from the bank including PayZapp (HDFC Bank) and Pockets (ICICI Bank). Most recently, Visa has tied up with TransServ's Udio wallet for QR code payments. QR codes as an alternative to POS Over the last week, card payments across the country have been failing with the increased load. Note that India has only around 14 lakh POS terminals for over 755 million debit cards as such card acceptance infrastructure is woefully low. The appeal of QR code payments is understandable, Vijay Shekhar Sharma, CEO of Paytm explains: Consumer has a dumb device called card, and what merchants carry is a smart…

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