Mastercard and RBL Bank jointly launch mobile friendly payment solution

By Leandra Monteiro

RBL Bank and Mastercard announced their partnership to launch a mobile based consumer-friendly payment solution – the Pay by Bank App, a new payment functionality in India. RBL Bank account holders are now enabled to access contactless transactions across the world through their mobile banking application both in-store and online. This functionality will be available at all Mastercard accepting merchants, worldwide that receive contactless and online payments.

To provide enhanced security, ‘Pay by Bank App’ ensures that bank consumer’s payment credentials are never exposed to the merchant, making the transaction completely secure. Customers will continue to receive the Mastercard consumer protection benefits that they currently enjoy on their debit cards. Additionally, the solution offers personalised transaction controls that enable bank’s customers to dictate how, where and when their payment credentials are used.

Through this solution, merchants benefit from increased approval rates as each transaction will be authenticated by the account holders. Additionally, merchants will benefit from increased volume of contactless transactions as more account holders leverage their mobile app for making payments.

Surinder Chawla, Head – Branch Banking at RBL Bank said, “Our customers are looking to us to provide innovative solutions for easy digital payments that they can trust and rely on. We are happy to be the first movers in this space and launch this unique payment application with Mastercard which offers simple, speedy, and secure payments, while also addressing payment challenges that merchants may face such as declines or fraud. It is aligned with our efforts in bringing contactless banking initiatives, eliminating the need for physical contact amidst these unprecedented times of COVID-19.”

“Underpinned by the security offered by Mastercard and the bank, ‘Pay by Bank App’ delivers a digital payment solution to meet the needs of consumers seeking online or touch-free payments and wanting to protect their credentials better” said Porush Singh, Division President, South Asia, Mastercard. “Contributing towards Government of India’s vision to fuel the growth of digital payments, it’s another example of how Mastercard’s technology is supporting customer banks by making transactions simpler, more seamless and safer.”