City Bank, Compass Plus launch first interoperable QR code payment solution in Bangladesh

Thursday 8 October 2020 12:58 CET | News

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.

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.

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.

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Keywords: City Bank, Compass Plus, QR code payment, in-store payments, contactless payments
Categories: Payments & Commerce
Countries: Bangladesh
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Payments & Commerce

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