City Union Bank launches contactless payment solution with NPCI
By Leandra Monteiro
City Union Bank(CUB) in collaboration with National Payments Corporation of India(NPCI) has announced the launch of RuPay On-the-Go contactless keychain for its Debit card customers. 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 upto INR 5000 without entering a PIN. Customers would be required to hold the keychain in front of the Point of sale devices (PoS) during payment similar to tapping the card on PS. For payments above INR 5000, 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 keychains 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
G.Sankaran, CIO from City Union Bank said, “City Union Bank is delighted to associate with NPCI to launch our RuPay On-the-Go solution. This Contactless Keychain will be part of their daily lifestyle and enable customers to Tap and make cashless payments securely. This would increase digital payment behavior among the younger generation and student community which enables faster check out and less waiting in queue with control to set limit, enable/disable on the usage through Net/Mobile banking – “All in one APP”
Rajeeth Pillai, Chief Relationship Management & Marketing, NPCI said, “We are happy to associate with City Union Bank to launch the cutting edge RuPay On-the-Go Keychain to enable seamless payments. Contactless payments are growing at a rapid pace and soon “Tap, pay, go” may become the new mantra of the payments with futuristic technology innovations. At NPCI, we are constantly developing innovative propositions that enable customers to make convenient, secure, contactless payments.”
IBSi Daily News Analysis
September 29, 2023
City Union Bank
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