Mastercard has rolled out its latest tokenisation effort with Bill Qkr, a payment solution that seeks to empower payment service providers (PSPs) in new markets.
Bill Qkr is designed to simplify the customer payment process to enhance trust and improve the success of collections by meeting customers’ needs through cost-effective and flexible solutions by using the power of tokenisation.
Tokenisation enables cards to be securely stored on a merchant’s platform to perform recurring payments, securely storing sensitive card information. Once the card expires, the merchant can be provided with a new token for future transactions.
The flexibility of Bill Qkr allows for recurring payments, such as monthly payments, to be automatically submitted to ongoing invoices, with QR codes also used for bills that change month-to-month via a single click on a paper bill or online statement.
For guest checkouts online, ‘Click to Pay’ will allow added convenience as the merchant can save the card information for any potential future payments.
Mastercard cited that 89% of people have paid or are planning to pay their bills via digital tools but several challenges remain. This includes friction existing within the user experience, limited options for card payments and wider security concerns.
Jennifer Marriner, Executive VP of Global Acceptance at Mastercard, said: “Card-based payments are chosen daily by consumers, yet they remain significantly underutilised for bill payments.
“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.”
Mastercard will initially roll out Bill Qkr to partners across Africa, Asia-Pacific and Latin America, with a view to expand further in other regions.
Some of the companies already integrating Bill Qkr into their payment process are 2C2P in Southeast Asia, AXS in Singapore, Curacel in Africa, and FitBank in Brazil.
