RBL Bank and Mastercard have inked partnership to launch a mobile based consumer-friendly payment solution - the Pay by Bank App, a first-of-its-kind payment functionality in India. RBL Bank account holders can now enjoy contactless transactions across the world through their mobile banking application both in-store and online. This functionality will be available at all Mastercard accepting merchants, worldwide that accept contactless and online payments.
To provide enhanced security, ‘Pay by Bank App’ ensures that Bank customer’s payment credentials are never exposed to the merchant, making the transaction completely secure. Customers will continue to receive the Mastercard consumer protection benefits that they currently enjoy on their debit cards. Additionally, the solution offers personalized transaction controls that enable Bank’s customers to dictate how, where and when their payment credentials are used.
RBL Bank operates as a scheduled commercial bank. The bank offers its services under the five business verticals including corporate and institutional banking, commercial banking, retail banking, agri and development banking and financial markets. The bank was founded in 1943 and is based in Kolhapur, Maharashtra.
