City Bank, a Bangladeshi private commercial bank, has joined forces with UK-based payments technology firm Compass Plus to launch an interoperable QR code payments solution in the Asian country.

The QR code payments solution is said to bring together four major global payments networks in the form of American Express, Visa, Mastercard, and UnionPay, in a single QR code.

According to Compass Plus, the launch of the interoperable QR code payment solution, the first of its kind in Bangladesh, will benefit consumers by making sure that they don’t have to scan different QR codes at the checkout depending on the payment network and card they want to use.

Besides, the new payment solution will benefit merchants, who will now have to display just the one QR code in-store rather than displaying four different ones. This new QR code payments solution will also be useful to foreigners travelling to Bangladesh, said Compass Plus.

In light of the Covid-19 pandemic, the QR based payments will help City Bank customers to facilitate contactless payments via a single point digital solution. The QR solution means that they do not have to carry different plastic cards to carry out transactions in-store.

Compass Plus claimed that for several merchants, QR becomes an asset-light, low cost acceptance solution with which they can quickly being accepting digital payments.

Mashrur Arefin – Managing Director and CEO of City Bank said: “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.

“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.”

City Bank, which is said to have a 35% market share of the credit card market in Bangladesh, has decided to bring the four major global payment networks under one roof in line with its vision to make digital and ‘contact-free’ payments more accessible across the country and pave way for a cashless society.

Igor Simonov – AVP, Business Development and Sales Manager, Asia Pacific at Compass Plus said: “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.”

  American Express, Bangladesh, City Bank, Compass Plus, Financial service news, Fintech industry news, Igor Simonov, Mashrur Arefin, Mastercard, QR code payment solution, UnionPay, Visa