Rachna Ahlawat, Executive Vice President of Ondot

Ondot Systems, a developer of mobile payment solutions, has launched a digital card platform which it said gives banks the chance to disrupt challengers with an offer that satisfies the needs of younger customers.
Powered by a next-generation machine learning-driven engine, Ondot claimed its digital card services platform enables banks to empower customers, giving them greater payment card control and allowing them to self-serve through instant digital card issuance, secure online and autonomous payments, personalised user journeys, effective spend management and location intelligence-based services.
Cardholders can use the platform to create a new virtual card number and control the use of the card to a specified time window, spend amount, location, merchant and device, it said.
Ondot has pointed to research from Statista indicating that 95% of 16 to 24 year olds in the UK own a smartphone, and said it is this segment where challenger banks are beginning to take market share from the traditional high street giants.
“In the UK, there is already an enormous consumer demand for mobile-first experiences throughout the banking and payment journey,” said Rachna Ahlawat, Executive Vice President of Ondot. “Big banks are partnering with fintech companies to accelerate digital transformation at every step of the customer’s journey. With our next-generation digital card services platform, Ondot is building on our track record to help banks retain existing customers and attract new ones, whilst keeping fraud and operation costs under control.”

by Guy Matthews