Global: Mastercard Unveils Tokenized Bill Pay Solution for Secure, Seamless Payments

Mastercard has launched an advanced, card-based bill-pay solution called Bill Qkr, designed for merchants, acquirers, payment facilitators, and payment service providers worldwide. This solution, which is now live and available globally, aims to streamline bill payments with secure and efficient transactions, according to a press release issued on October 28.

“Mastercard Bill Qkr combines our innovative payment technologies with our global collaborative approach,” said Jennifer Marriner, Mastercard’s executive vice president of global acceptance. “This enables us to drive innovation in bill payments, providing customers with enhanced transaction methods that reinforce trust across the payment ecosystem.”

The Bill Qkr solution leverages tokenization, allowing merchants to store customers’ card information securely for recurring payments, while also updating tokens as cards expire to ensure uninterrupted transactions. It includes Click to Pay functionality to simplify guest checkout, catering to consumers who prefer a frictionless payment experience. Additionally, billers can automate recurring invoices, simplifying payments for both fixed and variable monthly bills.

For merchants, Bill Qkr offers benefits such as guaranteed quick payments, minimized collection efforts, and increased approval rates. Strategic partners in Africa, Asia-Pacific, and Latin America, including 2C2P, AXS, CardUp, Curacel, and FitBank, have already integrated Bill Qkr into their systems.

“This collaboration embodies our shared vision to modernize outdated payment processes, meeting both consumer and biller needs in a seamless way,” said Manuel Steremberg, FitBank’s Head of Innovation.

The introduction of Bill Qkr comes as recent research highlights the ongoing friction consumers face with bill payments. According to the PYMNTS Intelligence report, “The One Stop Bill-Pay Playbook: Friction Within the Bill Payment Experience,” 52% of U.S. bill-payers have encountered at least one challenge in the last 90 days. The report underscores the demand for more flexible payment options, with 23% of millennials indicating a preference for bill payments with minimal friction.