City Bank, the largest credit card player in Bangladesh with a 35 per cent market share, launched interoperable QR-based payment solution with four payment schemes in one QR code: American Express, UnionPay, Mastercard and Visa, said a statement.
By launching this service, City Bank becomes the first bank in Bangladesh to launch Interoperable QR having three-pronged benefits. First, customers will not need to scan separate QR codes of different payment networks. Second, merchants will only need to display one QR code at the storefront, so there will be no cluttering of space. Third, City Bank QR code can be scanned by inbound customers visiting Bangladesh from other countries making it a global interoperable solution.
Customers will need to download & use Citytouch - City Bank's mobile banking app and set any of their credit, debit or prepaid cards as the default payment option to scan & pay by QR codes displayed at merchants. Interoperability with multiple schemes coupled with 'no-contact' payments during this pandemic will drive swift adoption by smart phone users.
"City Bank truly believes that an interoperable QR platform will play an essential part in paving the way for Bangladesh's transition to a cashless society," the statement added.
Mashrur Arefin, MD & Chief Executive Officer said "It is a great moment for all of us. Our QR payment solution is an example of interoperability which is also aligned with Bangladesh Bank's vision. This will eliminate the huge investment that acquiring banks make in deployment of POS (Point of Sales) terminals."
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