CURRENT AFFAIRS

Detailed explanation-1: -RBL Bank and Mastercard have announced their partnership to launch a mobile-based consumer-friendly payment solution – the Pay by Bank App.

Detailed explanation-2: -RBL Bank is the only bank to integrate the Masterpass QR service into its OnGo mobile digital wallet. The wallet will host a virtual prepaid MasterCard that customers can use for cashless transactions, including for paying taxi and auto rickshaw fares.

Detailed explanation-3: -Also, the digital payments network PayNearby had partnered with Visa and RBL Bank in August last year to launch softPoS and mPoS for retailers in its network. Among other players in the softPoS segment in India are Cashfree Payments, Infibeam, Mastercard, etc.

Detailed explanation-4: -Pay by Bank transactions, which are based on the concept of Open Banking, take place in real-time and require no credit or debit card details. This makes online checkout simpler, faster and more secure.

Detailed explanation-5: -Mastercard is one of four major credit card processing networks in the United States. Financial institutions can offer Mastercard’s payment products, like credit and debit cards, and benefits to consumers. Mastercard primarily makes money by charging a fee on payments processed through its network.