FAQs
Q: What is Masterpass QR?
A: Masterpass QR is a mobile payment and acceptance solution that gives you a simple, secure way to pay via near real-time access to your existing bank account.
You will initiate the transaction flow from your device by scanning the Quick Response (QR) code displayed at merchant checkout.
It is meant to replicate a cash transaction experience: the transaction happens seamlessly and quickly, both parties exchange value in near real-time and the merchant has immediate access to their funds.
Q: How does Masterpass QR work?
A: Simple Consumer Journey
Step 1:Consumer launches Masterpass QR in mobile banking app
Step 2 & 3:Consumer selects QR reader to initiate transaction; Launches QR scanner and scans (There is the option to enter a Merchant ID code if QR code doesn’t scan)
Step 4 & 5:Consumer keys in transaction amount and confirms payment
Step 6:Consumer enters PIN to validate payment
Step 7:Transaction complete; Both consumer and merchant receive notification of sale
Q: Why should I use Masterpass QR?
A: There are many benefits to Masterpass QR payments:
- Simple mobile solution
- Non-cash alternative
- Greater protection from fraudulent activity and safer than carrying cash
Q: Where can I make Masterpass QR payments?
A: You can initiate a Masterpass QR payment by scanning the QR Code or entering the Merchant ID anywhere you see the Masterpass QR acceptance brand.
Q: How will purchases appear on my monthly statement?
A: Purchases made with Masterpass QR will be displayed on your statement just like any other purchase you make with a card.
Q: Is it safe?
A: Yes.
- You are in control – you initiate the payment to the merchant by scanning the QR code and your mobile device never leaves your hands to make a payment.
- No accidental payments – You must confirm the transaction amount and authorize the payment.
- You will receive a notification confirming the merchant upon successful completion of the payment.
Q: How is Masterpass QR different than Masterpass?
A: Masterpass QR currently offers consumers a different payment functionality with the QR Code.
The QR scanning is a feature that resides in the financial institution’s mobile app, and not in a merchant or third party app/wallet.
Q: What are the costs associated with implementing Masterpass QR?
A: Masterpass QR uses the same pricing model as traditional electronic payments. Mastercard’s regional Market Development teams can provide more details on pricing.