Mastercard has introduced a new service, Bill Qkr, designed to simplify the digital bill payment process for merchants, acquirers, payment facilitators, and service providers worldwide.
The service is currently live and available across the globe.
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With the rise of digital tools in bill payments, 89% of consumers are now paying or planning to pay their bills online, covering various expenses from insurance to utilities. Despite the convenience, users often face issues such as limited card payment options, and security concerns.
Mastercard’s Bill Qkr service is expected to tackle these challenges by providing a comprehensive, end-to-end bill payment solution.
Bill Qkr offers tokenisation for secure storage of card details on merchant sites, seamless updates for expired cards, and efficient handling of recurring payments.
It also introduces QR code payments for variable bills and Click to Pay for guest checkout. The service aims to ensure higher approval rates, reduce fraud, and eliminate concerns over collections for merchants.
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By GlobalDataIt also provides access to Mastercard’s partner network for innovation services, including product development and early access to new product pilots.
Mastercard global acceptance executive vice president Jennifer Marriner said: “With Mastercard Bill Qkr, we’re bringing our cutting-edge payment technologies together with our longstanding, global approach to collaboration.
“This allows us to not only innovate in bill payments for our customers, but also to create better ways to transact and strengthen trust for the wider ecosystem.”
Strategic partners in Africa, Asia Pacific, and Latin America are set to adopt Mastercard Bill Qkr.
They include 2C2P in Southeast Asia, AXS in Singapore, CardUp in Singapore, Malaysia, and Hong Kong, Curacel in Africa, and FitBank in Latin America.
These partners will utilise Mastercard’s payment technologies such as tokenisation and Secure Card on File to enhance their digital payment offerings.
Recently, the company launched Mastercard Move Commercial Payments to help banks manage commercial cross-border transactions.
