It is a secure device with a tiny chip and antenna embedded in a keychain:
City Union Bank (CUB) has always been in the forefront of providing technology solutions to meet various needs of customers. In this direction, Sankaran G., General Manager, Computer Systems Department, explains: “We have recently introduced the ‘Contactless Payment Solution’. It is another digital initiative – payments using key chain. This solution was inaugurated by Ashwini Vaishnaw, Union Minister for Electronics and Information Technology, Communications, at New Delhi on recently.”
Advanced Technologies
The advanced technology of embedding a chip into the wearable Key Chain to make payments to the debit of the operative account is offered first by City Union Bank in the country. Sankaran informs: “Technologies like Near Field Communication (NFC) and Radio Frequency Identification (RFID) are used in enabling transactions through wearables. It is a device with a tiny chip and antenna embedded in the key chain.”
Solution Features
The solution enables the customers of City Union Bank to carry debit cards on their keychains, to make faster payments up to Rs5000 without entering a PIN, at all Rupay enabled contactless POS terminals. Sankaran elaborates: “Customers would be required to hold the keychain in front of the PoS device during payment, similar to tapping the card on POS. For payments above Rs5000, customers need to tap, and enter their PIN. Currently, the keychain will be linked to the operative account of the customers.”
Tap, pay and go is the growing trend since the transaction can be completed quickly and fully secure at the counters/merchant outlets where there is a queue system. Sankaran adds: “This will be very handy at places like petrol pumps, shopping malls, etc. In the second phase it is planned to integrate the ‘Tap and Go wearables’ with prepaid/credit cards to serve non-CUB customers as well.”
Promotes Digital Adoption
Customers of City Union Bank need not carry their debit cards for small value purchases. They can use this key chain to make tap and go payments. Sankaran predicts: “This contactless wearable key chain will be part of the daily lifestyle and enable customers to tap and make cashless payments securely. This will encourage digital adoption and move towards cashless transactions.”
There are a number of advantages of using ‘Pay on the Go’ keychain. Sankaran lists: “There will be faster checkout time and less waiting in queue. Card number can’t be copied as no card details available on the device. Convenience of not carrying cash is any time preferred. It is easier to use as no pin required up to Rs5000. Customers can set their own per day limits from our net banking or mobile banking. Improved security is inbuilt as consumer is in control of the device at any time. The chip shall not function if tampered. It complies with statutory KYC guidelines.
Secure, Tamper Proof
Salient security features of this key chain are many. Sankaran underlines: “This keychain is secure and tamper proof. It will cease to work if tampered. Customer can enable & disable the keychain to make payment as and when needed using our net banking or mobile banking. Customer can set PIN & change PIN through CUB’s net banking or mobile banking. Fully self-assisted model and to be managed by the customer. SMS will be sent for each transaction to the registered mobile number. Key chain can be blocked immediately by calling our customer care/by sending SMS or through net/mobile banking, if needed.”
Target Younger Generation
The keychain can be obtained by applying through CUB’s internet/mobile banking. Customers can contact 24×7 customer care number of the bank and get the details of the solution. Sankaran points out: “We wish to provide this facility to all the segments of our customers with particular focus on younger generation customers and students, who wish to do the transactions fast with less waiting time in queues.”
