MasterCard to launch first interoperable QR payment on Sunday

How easy would it be if you could pay for goods from any mobile banking wallets through only one integrated payment gateway?

For the first time in Bangladesh, MasterCard holders of Mutual Trust Bank will be able to enjoy such a service from tomorrow.

Leading global payment technology MasterCard and Bangladesh's Mutual Trust Bank are going to jointly launch an interoperable quick response (QR) payment system.

The service will be inaugurated at Hotel InterContinental Dhaka on Sunday.

Termed as BanglaQR by the Bangladesh Bank, the service will enable the commercial bank's MasterCard holders to pay for goods with scanning the QR code by using all mobile banking wallets.

Clients will have to use their mobile banking apps linked to their debit, credit and prepaid cards of MasterCard to scan QR codes displayed by merchants.

At present, clients of a particular mobile banking service cannot scan the QR code of other platforms for the merchant pay. For example, Brac Bank's bKash users cannot pay through the QR code of Dutch Bangla Bank's Rocket available in a merchant shop.

Officials said MasterCard holders of all banks will be gradually brought under the service to help develop the country's payment system.

Mutual Trust Bank Managing Director Syed Mahbubur Rahman said they expect paying for goods, after launching the service, will no longer need Point of Sales terminals at shops or other places.

Earlier, another global payment technology giant, Visa, announced on September 24 that it would launch an interoperable QR payment system in Bangladesh by November this year. 

But even after three months of the declaration, it could not launch the service.