Mastercard Rolls Out Tokenized Card-Based Bill Payment for Enhanced Security

For merchants, acquirers, payment facilitators, and payment service providers, Mastercard introduced a new card-based bill-pay option.

The company announced in a news statement on Monday, October 28, that the new Bill Qkr is live and accessible worldwide.

In the press announcement, Jennifer Marriner, senior vice president of global acceptance at Mastercard, stated, “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.”

According to the release, Bill Qkr has Click to Pay that makes guest checkout easier, secure updates that keep future transactions seamless by providing a new token when the card expires, and tokenization that enables cards to be safely stored on a merchant’s website for recurring payments.

According to the release, billers can expedite customers’ usage of saved payment credentials for bills that vary from month to month and automatically submit ongoing invoices for fixed, recurring payments.

According to the announcement, the solution offers merchants faster and assured payment, does away with the need for collections, and permits greater acceptance rates.

According to the statement, the first strategic partners to use Bill Qkr are based in Latin America, Asia Pacific, and Africa. These consist of FitBank, AXS, CardUp, Curacel, and 2C2P.

“This collaboration reflects our shared commitment to transforming outdated processes and delivering a solution that addresses both consumer and biller needs in a seamless, efficient manner,” FitBank Head of Innovation Manuel Steremberg stated in the press release.

According to the PYMNTS Intel research “The One Stop Bill-Pay Playbook: Friction Within the Bill Payment Experience,” 52% of American bill-payers reported experiencing at least one issue during the last ninety days.

According to the research, 15% of these bill-payers cited a lack of options for making payments.

Additionally, the survey discovered that a simpler and expedited bill-paying process can lessen the probability of bill-payers missing payments. For instance, 23% of millennials stated that they will pay their debts first if there is the least amount of friction involved.