Summary:
RBL Bank and Mastercard today announced their partnership to launch a mobile based consumer-friendly payment solution – the Pay by Bank App, a first-of-its-kind payment functionality in India. This functionality will be available at all Mastercard accepting merchants, worldwide that accept 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. The recent momentum towards digital, triggered by new norms of health protection and social distancing have highlighted the need for more choice in making digital, contactless payments. Through this solution, merchants benefit from increased approval rates as each transaction will be authenticated by the account holders..