As part of a major strategy to make the lives of both consumers and merchants easier in Bangladesh, City Bank has launched the country’s first interoperable QR code payments solution in collaboration with Compass Plus. The new solution brings together four key international payments networks –American Express, Visa, Mastercard and UnionPay - in one QR code.
The launch will not only benefit consumers, by ensuring they no longer have to scan different QR codes at the checkout depending on the payment network and card they wish to use, but will also benefit merchants, who will now only have to display one QR code in-store as opposed to four. This solution also caters to foreign customers travelling to Bangladesh.
The safety of the bank’s customers is key during this pandemic, QR based payments will enable City Bank to perform contactless payments through a single point digital solution and they will not be required to carry different plastic cards to perform transactions in-store. For numerous merchants, QR becomes an asset-light, low cost acceptance solution with which they can start accepting digital payments quickly.
City Bank is one of the largest banks in Bangladesh, with a 35% market share of the credit card market. Its decision to bring four major international payment networks under one roof was driven by the bank’s vision to ensure digital and ‘contact-free’ payments are more accessible across the country and enable a cashless society.
“We are constantly seeking new ways of making the lives of our customers and merchants easier and more convenient – and the launch of our QR code payments solution does that,” said Mashrur Arefin, Managing Director and Chief Executive Officer at City Bank. “Compass Plus has played a major part in the development of the solution. From early discussions regarding our plan, to their expertise in ensuring all development work to support the networks’ QR codes was completed and working seamlessly, we are proud to have such a knowledgeable, long-standing partner on board.”
“As one of the largest banks in Bangladesh, City Bank is both progressive and innovative. It is great to be involved in making their vision of ensuring digital payments are more widely accessible a reality. Bringing four international payments networks under one roof was a big job, but we are pleased to be a part of this solution, which really is something special,” said Igor Simonov, AVP, Business Development and Sales Manager, Asia Pacific at Compass Plus.