Mastercard and Mumbai-headquartered private sector RBL bank announced a partnership on Thursday, April 15, to launch a mobile-based customer-friendly payment solution - the Pay by Bank App. This will be a first-of-its-kind payment functionality in the country and suits the growing demand for digital, contactless payments to ensure social distancing norms amid the ongoing COVID-19 pandemic. This is a one-of-its-kind payment system as it ensures that the customer's credentials are never revealed to the merchant.
With the new payment solution, the account holders of RBL Bank will be able to avail of contactless transactions across the globe with the help of the mobile banking application - both online and in-store. According to the statement, the new service will make transactions secure and it will be available at all Mastercard accepting merchants across the world, that accept online and contactless payments. The new payment solution will also allow customers to make bill payments and personal payments through the mobile banking application.
The new payment solutions - ‘Pay by Bank App' will increase the security and privacy of customers. The Mastercard consumer protection benefits will be available for customers on debit cards, same as before. The app will provide better solutions for both customers and merchants. Customers will be able to avail personalised transaction controls that allow them to dictate, where, when, and how the payment credentials are used.
Meanwhile, merchants will be able to avail benefits through increased approval rates as each and every transaction will be authenticated by the bank account holders. Merchants will also benefit through the greater volume of contactless transactions as more account holders may leverage the mobile app for making payments.