City Bank yesterday announced launching an interoperable QR code-based payment solution bringing together cards of global brands UnionPay, American Express, VISA and Mastercard under a single roof.
This service will not only do away with customers needing to scan separate QR codes of different payment networks but also let merchants display just one QR code at the storefront, effectively avoiding cluttering of space.
Moreover City Bank QR code can be scanned by customers visiting Bangladesh from other countries, making it a global interoperable solution.
Customers will need to download City Bank's mobile banking app Citytouch and set any of their credit, debit or prepaid cards as the default payment option to scan QR codes displayed at merchants to make payments.
"This will eliminate the huge investment that banks make in deployment of POS (point of sales) terminals," said Managing Director and CEO Mashrur Arefin.
"Our QR payment solution is an example of interoperability which is also aligned with Bangladesh Bank's vision."
Interoperability with multiple schemes coupled with no-contact payments will not only pave the way for Bangladesh's transition to a cashless society but also play an essential role in maintaining health safety codes during this pandemic, says a press release.
"Electronic payments have a long runway in Bangladesh and American Express is committed to bringing new, innovative payment capabilities to the market to support this growth," said Divya Jain, vice president, global network services, South Asia, American Express.
This low-cost solution will help digital payments become more widely available in Bangladesh, said Shailesh Paul, head of merchant sales & acquiring, India and South Asia, Visa.
"As consumers start making low-touch payments for their everyday purchases, we expect QR payments to see substantial adoption across merchant categories," he said.
The UnionPay QR code payment complies with the EMV specifications and is compatible with the unified QR code standard in Bangladesh, said Ashutosh Agrawal, general manager, UnionPay International South Asia Branch.
"Mastercard is working actively to offer the 'BanglaQR' solution in adoption of contactless payments in the country," said Syed Mohammad Kamal, country manager, Mastercard.
"This endeavour is now being extended with the City Bank's focus on acquiring BanglaQR merchants at semi urban and rural parts of the country," he said.