MTB-Mastercard rolls out QR code payment
Mutual Trust Bank in a collaboration with Mastercard is set to a launch interoperable Quick Response (QR) code-based payment acceptance solution -- Bangla QR -- aiming to boost cashless transaction.
The Bangla QR will allow cardholders using Mastercard-branded credit, debit and prepaid cards issued by MTB to carry out payments using a QR code generated by the bank’s mobile banking application.
This method of payment will be the first-of-its-kind in Bangladesh, marking an important milestone in the country’s adoption of contactless payments, said Syed Mohammad Kamal, country manager for Mastercard.
Cardholders would be able to experience convenience unlike any time before, said Syed Mahbubur Rahman, managing director of the bank, at the launch.
“We are confident that Bangla QR, a result of the joint efforts of MTB and Mastercard, will bring a new era of digital payment to Bangladesh,” he added.
The interoperable solution will be accessed by other banks and payment networks and approved by the Bangladesh Bank.
QR code is a machine-readable code consisting of an array of black and white squares, typically used for storing URLs or other information for reading by the camera on a smartphone.
Electronic or digital payments have been growing steadily in Bangladesh for the last several years.
The sector has grown 120 percent per year since 2011, said a report jointly produced by Better Than Cash Alliance and a2i project of the Bangladesh government.
Mastercard is planning to introduce more technology-based solutions for its customers to aid in the creation of a simple, safe and efficient digital payment environment and to build a digital Bangladesh, Kamal said.
Ahmed Jamal, a deputy governor of the BB, attended the event as chief guest.