NE BUSINESS BUREAU
CHENNAI, DEC 7
Union Minister for Railways, Communications, Electronics & Information Technology Ashwini Vaishnaw on Sunday launched City Union Bank’s (CUB) RuPay On-the-Go contactless wearable keychain for its Debit card customers, says a bank release.
CUB in collaboration with the National Payments Corporation of India (NPCI) and its manufacturing partner Seshaasai announced the launch of this novel card at Azadi Ka Digital Mahotsav at New Delhi on Sunday.
CUB is launching this payment mode to enable customers to make Payments on the Go. The solution allows the bank’s customers to carry payment cards on their keychains, making for fast and convenient payments up to Rs 5,000 in all RuPay enabled Point of sale devices (PoS) without entering a PIN, the release added.
- As part of the second phase of the launch, CUB is planning to integrate the wearables with Prepaid/Credit cards to serve non-CUB customers as well
Customers would be required to hold the keychain in front of the PoS devices during payment similar to tapping the card on PoS. For payments above Rs 5,000, customers need to tap, followed by their PIN. Currently, the keychain will be linked to the Operative account of the customers. However, as part of the second phase of the launch, CUB is planning to integrate the wearables with Prepaid/Credit cards to serve non-CUB customers as well.
CUB has always been at the forefront of advanced technology solutions to meet various transactional needs of customers. CUB has also been issuing contactless cards and the usage of these cards boomed during the pandemic. Tap, pay, go payments is also a growing trend since the transaction can be completed quickly and fully secure at the counters/merchant outlets where there is a queue system.
Commenting on this launch, Dr N Kamakodi, MD & CEO of City Union Bank said, “City Union Bank is delighted to associate with NPCI to launch our ‘Pay on the Go’ Key Chain solution. This Contactless Wearable Keychain will be part of the daily life style and enable customers to Tap and make cashless Payments securely. This would increase digital payment behavior among customers especially younger generation and students which enables faster check out and less waiting in queue with features to set the spend limit, enable/disable on the usage through Netbanking and CUB ‘All in one Mobile APP’.”
Key Features
- Customers can a) Enable & Disable the wearable to make payment as and when needed using CUB’s Net Banking or Mobile Banking b) Set their own per day limit, per transaction limit from CUB’s Net Banking or Mobile Banking
- Fully self-assisted model and managed by the customers on their own • SMS will be sent for each transaction to the registered mobile number • Keychain can be blocked immediately by calling our Customer Care/ by sending SMS/ Net / Mobile Banking, if needed.
The Keychain can be requested through Netbanking/ Mobile banking and also at our Branches.
