By simply scanning Mastercard’s - Merchant Presented QR Code (MPQR) consumers can make cashless payments but how exactly?👇
#MPQR enables consumers to make digital payments for goods and services from their mobile phones by simply scanning a Mastercard QR Code or manually inputting an alias provided by any Mastercard QR accepting merchant.
This #pushpayment method has the convenience of cash and the #security of a card payment, without needing a card payment terminal - or called Point Of Sale (#POS).
How it works 💡
MPQR and Mastercard QR codes facilitate many different #fastpayment use cases. Merchants can present QR codes on their:
🔸websites
🔸mobile devices
🔸in-store signage
🔸invoices
🔸ticket machines
🔸others…
Mastercard QR codes can be:
👉 Dynamic: The code includes the transaction amount and is generated for each transaction (often the best option***)
👉 Static: The code excludes the transaction amount and is used for all transactions. The consumer enters the transaction amount in their payment app after scanning the code.
Here is how it works 👇
1️⃣ Merchant presents QR code, Merchant ID and transaction amount to consumer
2️⃣ Using Payments App, consumer scans QR code or enters Merchant ID and confirms payments 💳
3️⃣ Data is sent to the Acquirer (Nuvei) or Wallet (PayPal or Alipay) - called Originating Institution - to initiate MPQR Payment
4️⃣ & 5️⃣ Acquirer or Wallet secures the funds and does a Payment API request to Mastercard
6️⃣ & 7️⃣ Mastercard passes the transaction request to Receiving institution, Issuers (Wells Fargo or Citi) who approves ✅ or declines ❌ it.
8️⃣ If approved, the merchant’s account is credited and a notification of payment is sent to them
9️⃣ - 1️⃣1️⃣ Payment Transaction Reponse is sent back from the Issuer through Mastercard to the Acquirer and finally the consumer with a notification of payment outcome 👋
NOTE 💡- Mastercard does not transmit funds. All Mastercard QR and Mastercard Network funds are transmitted by a licensed Financial Institution for which Mastercard provides data processing services.
During the pandemic, #QRcodes exploded as an Alternative Payment Method (#APM). By 2025, 100M U.S. Consumers will be scanning QR codes to make digital payments both in-store and online. It’s easy, efficient and secured.
Check it out & don’t forget about Mastercard Send, Ethoca and other amazing solutions proposed by the Payments Giant 👋
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#globalpayments #payments #qrcode #qrcodepayment #mastercard #mpqr #digitalpayments #cashless #mobilepayments #instorepayments