As part of the Azadi Ka Digital Mahotsav, the Kumbakonam-based City Union Bank (CUB), a tech-savvy century old Private Sector Bank, in association with smart-tech-enabled preventive healthcare platform GOQii and po wered by National Payments Corporation of India (NPCI), has launched a wearable payment solution called `CUB fitness watch Rupay debit card’ here on Monday.
The first fitness watch debit card was received by V R Venkataachalam, Chancellor of Sri Ramachandra Institute of Higher Education and Research in Chennai.
Launching the fitness watch debit card, the first of its kind in India N Kamakodi, Managing Director and Chief Executive Officer of CUB said, “We used advanced technology to enable our customers to make digital tran sa ctions in a contemporary, safe and secure fashion. We are happy to introduce this CUB Easy Pay Debit Card in a Fitness Watch providing our customers with an easy tap and go payment solution.”
Besides Sri Ramachandra Institute of Higher Education and Research, the CUB has entered in to an agreement with the 10 to 15 educational institutions to adapt contactless digital payments including promotion of fitness watch Rupay Debit Card.
Prior to this, the ‘Keychain debit card’ was launched during December in New Delhi by Ashwini Vaishnaw, Mini ster of Railways, Communications and Electronics & Information Technology. Customer can avail the Keychain debit card on payment of Rs. 400, he added.
Customers need to hold the strap fixed with a chip of the wristwatch in front of the PoS device during payment like tapping the card on PoS. For payments above Rs 5,000, customers need to tap and enter their PIN but it is optional. The promotion price of a smartwatch debit card is Rs 3,499 (Actual cost is Rs 6,499). Customers can set limits for their payments using Net/Mobile Banking from the All-In-One Mobile App.
Customers of CUB can ap ply for the Fitness Watch Debit Card through Net banking/ Mobile banking. Usage of wristwatches can be man aged by customers on their own through CUB All in One Mobile App. Even non CUB customers can avail this fac ility by opening an account through this Mobile App within minutes by using their Aadhar Number followed by the OTP. Besides being useful for making contactless payments, this Fitness Watch enables the wearer to monitor their Oxygen Level (Sp02), Body Temperature, Heart Rate, Blood Pressure and 18 Exercise Modes etc.
Addressing at the launch virtually, Praveena Rai, Chief Operating Officer, NPCI said:
“We are happy to partner with City Union Bank and GOQii to launch CUB Easy Pay, Contactless RuPay On-The-Go payment solution. This payment solution eliminates the need to carry tender cash, or even a wallet for that matter, and offers unparalleled and superior customer experience to cater to their day-to-day shopping needs.
RuPay On-The-Go carries all the security features, notifications and controls of a regular card, and users can transact with the comfort of their safety. With the rapid increase of acceptance infrastructure, the demand for contactless payment mechanisms is on a steady rise. This one-of-its-kind offering is enabled with cutting edge innovation and is set to redefine the way contactless transactions will be made in the future.”
In a statement Vishal Gondal, Founder of GOQii said:
“At GOQii we aim to provide solutions for consumers to lead a healthy life. We are truly excited to partner with City Union Bank to offer contactless payments integrated with GOQii’s advanced health ecosystem to its ban king customers. With the increasing digital payments and the need for social distancing we are confident that our association will benefit the user”.CUB had recently launched their Debit Card in a Key Chain which also enables contactless Payment On the Go solutions. CUB’s focus on promoting contactless payment solutions is part of its overall strategy to offer a bouquet of Digital Payment Solutions.