NE BUSINESS BUREAU
CHENNAI, SEPT 11
Aimed at shaping the future of seamless banking in Digital India, City Union Bank Limited (CUB) has recently made great waves at the Global Fintech Fest (GFF) 2024 by unveiling a suite of innovative payment products and solutions. The new product launches aimed to drive digital payment adoption across India and simplify financial services for all its customers, says a bank release.
#GFF #GFF24 #GlobalFintechFest #120YearsBanking #cubltd #cityunionbank #ondc #CUBConvenientBanking pic.twitter.com/IfjDaDKplJ
— City Union Bank (@cubltd) September 1, 2024
- The eight new digital products launched by the bank aree Delegate Payments, UPI Lite Auto topup, NPCI: National Common Mobility Card, Credit line on UPI, Rupay Credit Card On UPI, Loan against securities (Mutual Fund), Open Network Digital Commerce (ONDC) – MSME, and Open Network Digital Commerce (ONDC) – Retail
- These advancements, developed in collaboration with a range of partners, are set to drive digital payment adoption across India by streamlining payment processes and enhancing transaction security and customer experience
These advancements, developed in collaboration with a range of partners, are set to drive digital payment adoption across India by streamlining payment processes and enhancing transaction security and customer experience.
The Global Fintech Fest (GFF) 2024 was presented by the Ministry of Electronics and Information Technology (MeitY), Ministry of External Affairs, Department of Financial Services (DFS), Reserve Bank of India (RBI), and International Financial Services Centres Authority (IFSCA) from August 28 to 30 . The conference was jointly organised by the Payments Council of India (PCI), the National Payments Corporation of India (NPCI), and the Fintech Convergence Council (FCC).
The eight new digital products launched by the bank include Delegate Payments, UPI Lite Auto topup, NPCI : National Common Mobility Card, Credit line on UPI, Rupay Credit Card On UPI, Loan against securities (Mutual Fund), Open Network Digital Commerce (ONDC) – MSME, and Open Network Digital Commerce (ONDC) – Retail.
- DELEGATE PAYMENTS (UPI Circle):
Delegate Payment is designed to enable users to perform payments by the secondary holder without the Primary holder being present. This facility will be very useful for minors, service employees, parents, spouse, small/medium business owners etc., who may or may not have account with the bank. It is a solution where a Primary holder can extend the control of transacting from their UPI account to an individual with required security protocols.
Available Options of Delegate payments are:
- Full Delegation: The primary account holder shall fully authorize a secondary user to make UPI transactions and define spend limits. This authorization mandate is given one time to secondary users to pay up to the set limit.
- Partial Delegation: Primary account holder to authorize every time when payment is initiated by secondary user for completing UPI transaction.
- UPI LITE AUTO TOPUP
UPI Lite is a feature introduced by the National Payment Corporation of India to facilitate small value transactions using the Unified payments Interface (UPI). The Auto Top-up features allows users to automatically top up their UPI Lite accounts when the balance falls below a certain threshold. It is ensured that the mandate amount shall not be more than the Approved UPI Lite Amount i.e. Rs 2000 as of now.
- NPCI – National Common Mobility Card (NCMC):
CUB has lunched the facility of issuing NCMC cards through vending machines with Tap and Load facility. NCMC Tap and Load feature allows the users to load their NCMC cards by simply tapping their cards on a compatible point of Sale (POS) terminal like the PoS terminals used by staff of Metro Stations or a mobile device enabled with Near Field Communication (NFC) technology.
The loaded amount will be added to NCMC Card’s wallet and can be used for various transactions such as
- Metro/Train travel
- Bus fares
- Parking fees
- Toll Payments
- Retail transactions
- Credit line on UPI
A credit line on UPI refers to a feature introduced by NPCI that allows users to access a preapproved line of credit through their UPI App.
Pre-approved credit: A user can get a preapproved credit limit backed by deposit from our bank.
Payment Process: When making a payment, users can choose to use their credit line instead of their bank balance.
This feature aims to enhance the convenience of UPI by providing users with more flexible payment options.
- Rupay Credit Card On UPI
The “Credit Card on UPI” feature allows users to link their Rupay credit card to their UPI ID, enabling to make payments. Traditionally, UPI payments were linked directly to the bank account but with this feature users can leverage the benefits of their Rupay credit card while enjoying the convenience of UPI transactions.
Users can link their credit card to their UPI ID using their UPI app, just as they would link a bank account. When making a payment users can choose to pay directly from their linked credit card. The UPI app will then process the transaction using the credit card details instead of directly debiting a bank account.
- Loan against securities (Mutual Fund)
Get a Loan against your Mutual fund investments and meet your financial goals without selling your MF units.#120YearsBanking #DigitalLoan #MutualFund #cubltd #cityunionbank #CUBConvenientBanking pic.twitter.com/63qOVDDvXi
— City Union Bank (@cubltd) September 11, 2024
CUB has introduced the facility of Loan against Securities (Mutual Funds) through Net/Mobile Banking to customers. Customers can pledge their Mutual funds as collateral and obtain a loan from the bank. The loan amount is allowed up to 50% of the market value of the securities pledged after lien is marked against the securities.
- Open Network Digital Commerce (ONDC) – MSME
City Union Bank empowers MSME customers with new MSME Digital Platform. This unified portal offers seamless access to personalized “banking” and “beyond banking” services, designed to meet the unique needs of MSMEs.
ONDC platform enables effortlessly to the following evolving needs of MSMEs.
- Digital Store
- Open Network for Digital Commerce (ONDC) Connectivity
- Digital Ledger
- Inventory Management and e-Invoicing
- Collateral-free Business Loans
- Payments & Collections
- Expense Management
- IT and GST Returns Filing
- And More!
Together, the bank has created a solution that sets new standards in MSME banking, driving growth across the sector.
- Open Network Digital Commerce (ONDC) – Retail
City Union Bank offers ‘Buyer Side ONDC Module’ to retail customers also. This will revolutionize the way retail customers engage with ONDC ecosystem, enhancing their digital commerce experience through seamless and secure transactions.
