MasterCard jumps on the QR code payments bandwa...

MasterCard jumps on the QR code payments bandwagon (competition to mVisa)

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MasterCard jumps on the QR code payments bandwagon

https://cdn0.desidime.com/attachments/photos/132/medium/masterpass-QR-code.jpg?1479872862

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 device called POS with Internet connection. So, we are changing that structure. We are saying that merchant will not have a smart device or Internet connection, and consumer will have that. So payment happens via a QR code and the processing happens on the consumer side.

Paytm has been capitalising on this and has extended QR codes to 850,000 offline merchants while other wallets such as MobiKwik have been quick to follow. Meanwhile, Rahul Kothari , business head of PayUbiz, told MediaNama that the company is considering deploying QR codes in the short term for offline merchants to help ease the pain of doing business.

Why QR Codes work for merchants: Merchants would be happy to accept QR codes as a form of payment as it reduces their costs of maintaining a machine and ensuring that there is no downtime. Card payments at POS terminals also incur a significant cost in terms of merchant discount rate (MDR), an inter-bank exchange fee a merchant has to pay. Usually, merchants have to pay 2-2.5% of the transaction as MDR for credit card transactions while it is 1% or 0.75% for debit cards.

Meanwhile, wallet-to-wallet transfers to merchants, as in the case of Paytm, incurs no charges and recently Paytm has reduced wallet-to-bank account transfer fees to 1% (MobiKwik and FreeCharge have waived off this fee temporarily).

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Has anybody found a way to utilize the money in Ongo wallet? The virtual Mastercard is unusable as the transaction OTP never arrives. I loaded 500 under their promotion to get 550 but the money has been stuck for almost a full week now. CC @dranupt

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DealSeeker wrote:

Has anybody found a way to utilize the money in Ongo wallet? The virtual Mastercard is unusable as the transaction OTP never arrives. I loaded 500 under their promotion to get 550 but the money has been stuck for almost a full week now. CC @dranupt

I could load successfully, initiated transfer which is pending since 17 nov
Spoke to cc, he cited technical issues blah blah
I suggest not to try this for some time

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@DealSeeker wrote:

Has anybody found a way to utilize the money in Ongo wallet? The virtual Mastercard is unusable as the transaction OTP never arrives. I loaded 500 under their promotion to get 550 but the money has been stuck for almost a full week now. CC @dranupt

Plz tag me if you find any.

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DealSeeker wrote:

Has anybody found a way to utilize the money in Ongo wallet? The virtual Mastercard is unusable as the transaction OTP never arrives. I loaded 500 under their promotion to get 550 but the money has been stuck for almost a full week now. CC @dranupt

Good lesson for the next wallet launch offer! https://cdn2.desidime.com/assets/textile-editor/icon_toungueout.gif

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19 Female Gurgaon wrote:

Good lesson for the next wallet launch offer! https://cdn2.desidime.com/assets/textile-editor/icon_toungueout.gif

Well, it wasn’t really a launch offer — Ongo has been there for a while. It was one of those “go cashless” offers.

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DealSeeker wrote:

Well, it wasn’t really a launch offer — Ongo has been there for a while. It was one of those “go cashless” offers.

Ongo is there for long time but none Auto Rickshaw wala in Mumbai is ready
They got free Ongo branded meter covers but Mumbai Auto walah are adamant for cash only
I saw many Jaipur auto walah ready to take anything Paytm Freecharge etc

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As far as my Mastercard was active even before posting the DEAL, as posted by earlier I paid my BESCOM bill (off course I got OTP) @dealseeker

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