Indian private sector lender, RBL Bank and Mastercard are partnering to roll out Pay by Bank App.
The Pay by Bank App function enables consumers to make payments, securely and directly from the bank’s mobile banking app. And, says RBL, it represents a first-of-its-kind payment functionality in India.
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‘Pay by Bank App’ ensures that bank customer payment credentials are never exposed to the merchant. This makes the transaction completely secure. Moreover, customers continue to receive the Mastercard consumer protection benefits that they currently enjoy on their debit cards. Additionally, the solution offers personalised transaction controls.
Covid helps accelerate contactless in India
49% of people in India are planning to make more purchases online according to research from Mastercard. At the same time, 68% consumers in India think less in-store shopping is here to stay. A large majority – 77% – also believe the shift to contactless payments is permanent. Through this solution, merchants benefit from increased approval rates as each transaction will be authenticated by the account holders. Additionally, merchants benefit from increased volume of contactless transactions as more account holders leverage their mobile app for making payments.
RBL Bank, Mastercard: first movers
Surinder Chawla, head of branch banking, RBL Bank, says: “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. It 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.”
Porush Singh, Division President, South Asia, Mastercard adds: “Contributing towards the government vision to fuel the growth of digital payments is another example of how Mastercard’s technology is supporting customer banks by making transactions simpler, more seamless and safer.”
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By GlobalDataRBL Bank: digital investment and branch expansion
RBL Bank currently serves 9.1 million customers via a network of 403 branches.
In March, RBL disclosed plans to expand its current physical footprint. By the end of the current fiscal year, it expects to expand to 425 branches. Thereafter, it plans to open at least 75 branches annually for the next few years.
