NE BUSINESS BUREAU
KUMBAKONAM (TN), MAR 17
The century-old tech-savvy City Union Bank (CUB), one of the leading private sector banks in the country rolled out its first-ever credit card, the Dhi CUB Visa Signature Credit Card in partnership with 42 Card Solutions Pvt Ltd (42 CS).
The bank provides the best-in-class featured credit cards to its customers as part of its portfolio offerings for its customers from February 2023, a release from the bank said.
- The Dhi CUB Visa Signature Credit Card was offered to the bank’s customers from February 2023
- The card offers industry-best features backed by the next-gen banking and cards technology from
42 Card Solutions, a credit cards-as-a-service provider, and Pismo, a Brazilian tech company
42 CS will manage the end-to-end credit card processing services for CUB by leveraging an all-in-one, cloud-native card management system from Brazilian technology company, Pismo.
The bank has initially issued credit cards to its employees as part of the trial run and plans to have around 30,000 active cards by the end of March 2023.
The first priority to avail the new credit card will be given to CUB’s existing customers over new-to-credit customers. The bank’s existing customers can log onto the CUB mobile app to apply for the card.
Commenting on the launch of the credit card, Dr N Kamakodi, Managing Director & CEO, City Union Bank, said, “We are excited to launch the Dhi CUB Visa Signature Credit Card, which marks CUB’s entry into the credit card segment. With our focus on providing the best offerings for our customers, we believe that this new product in the bank’s portfolio will benefit large number of customers in the long run. Backed by the end-to-end credit card processing capabilities and technology of 42 CS and Pismo, we can now introduce newer payment methods and features to our customers with ease. We expect this new card program to benefit roughly over 5,00,000 customers.”
GG Srinivas, Co-Founder and CEO, 42 Card Solutions Pvt Ltd., said,“With over 90% of the card transacting population in India not having access to credit cards despite the credit card industry being 40 years old, we are glad to bring our robust and end-to-end card management system that can help banks introduce credit card programs seamlessly. We are thrilled to serve CUB’s customers with this new card offering. We have set up a multi-tenanted card management system for CUB from Pismo, on which we can run multiple card programs. The highly agile software backing the card will allow the bank to quickly introduce innovative features and speed up new product launches, catering to rapid market changes and customers’ aspirations.”
The card service provider 42 CS will soon be launching the card on the Visa Platinum network as well. The company is also in discussions with the National Payments Corporation of India (NPCI) to integrate the card on the Unified Payments Interface (UPI) platform to enable customers to make payments even in areas where a card-acquiring network is unavailable.
The Dhi CUB Visa Signature Credit Card comes with a 1.25 % cash back on all eligible spends, an industry-best feature that is otherwise found only in high-end credit cards. The card also has unique flex control options that enable its users to actively control and manage their spending while ensuring a high level of safety. In addition, CUB customers can access a wide range of offers, deals, and experiences on entertainment, travel, food, and shopping through the Visa card, including a fuel surcharge waiver for all eligible purchases.
The bank will also offer a free CUB Keychain Debit Card to its credit card customers so they have extra convenience and ease of payment for all their ‘tap & go’ purchases, the release added.
