IndusIndbank introduces push button credit card

IndusIndbank introduces push button credit card

IndusInbank has launched an interactive credit card with push button controls for customers to choose their preferred mode of payment at the checkout.

Created in partnership with US-based Dynamics, the battery-powerd payment card enables customers to choose between charging a purchase to their credit card account, taking out a loan or paying for the item with their reward points balance.

The card indicates a customer's desired payment choice using LED lights associated with the three options.

On the launch, Sumant Kathpalia, head, consumer banking at IndusInd Bank says: "With this card, our aim is to give the customer multiple options on how to make a payment using his or her credit card. The power of choice moves completely to the customer."
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Comments: (12)

A Finextra member
A Finextra member 22 November, 2018, 09:18Be the first to give this comment the thumbs up 0 likes Who will cover the cost of issuence I wonder. Why do you need a plastic card anyway
Vernon Crabtree
Vernon Crabtree - My comments are my own - Utrecht 22 November, 2018, 09:40Be the first to give this comment the thumbs up 0 likes

One of the things I really like about my cards is that they do not require a battery!

A Finextra member
A Finextra member 22 November, 2018, 09:41Be the first to give this comment the thumbs up 0 likes

what is the point of having a smarter card when you can use your phone??

Vernon Crabtree
Vernon Crabtree - My comments are my own - Utrecht 22 November, 2018, 09:48Be the first to give this comment the thumbs up 0 likes

A mobile phone is a general purpose computing device - it is inherently unsafe.

An EMV card is a trusted certificate that cannot be compromised (at least, less likely than the phone).

Also, my phone battery goes flat - my card does not.

Jonathan Bowles
Jonathan Bowles - ImpactApp - Odiham 22 November, 2018, 09:49Be the first to give this comment the thumbs up 0 likes The option is already out there to have one card and alter via a phone app. Anything extra with a battery is not what I want.
Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 22 November, 2018, 10:11Be the first to give this comment the thumbs up 0 likes

There are various alternative ways to decide how to direct a card payment but, for more reasons than one, this push button card is easily the most frictionless method for doing so: (1) Press button, it can't get simpler than that, no fumbling around with smartphone lockscreen, firing an app, finding the correct option (2) Single item, fewer moving parts, bound to be more reliable (3) No dependency on network signal strength, will always work (4) Uses button cell, which hopefully lasts the entire duration of the card's validity; or, even if it doesn't, it can be simply replaced without the need for daily charging.

Kudos to IndusInd Bank for channelizing its innovation efforts into areas where they add tangible value, instead of developing solutions seeking problems. 

Jonathan Bowles
Jonathan Bowles - ImpactApp - Odiham 22 November, 2018, 10:17Be the first to give this comment the thumbs up 0 likes Fair point
Vernon Crabtree
Vernon Crabtree - My comments are my own - Utrecht 22 November, 2018, 10:23Be the first to give this comment the thumbs up 0 likes

The story with the battery gets worse - a replaceable battery? That means contacts that can corrode. There are enough unreliable electronics in the world without it affecting my cards.

As for the idea of so easily applying for a loan to buy something I don't really need - it will put me further in debt and only the loan sharks win. There must be some pain in applying for a loan to give me a chance to think it through.

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 22 November, 2018, 10:47Be the first to give this comment the thumbs up 0 likes

@VernonCrabtree:

If banks introduce "pain in applying for a loan", fintechs will grab all their customers; by offering highly frictionless loan products with terms and conditions that neither fintechs nor consumers will understand, fintechs will inflict death by thousand cuts on banks; banks will fast become extinct; yada yada yada.

Looks like you're not very fond of banks, to put it mildly:)))

Vernon Crabtree
Vernon Crabtree - My comments are my own - Utrecht 22 November, 2018, 11:481 like 1 like

Banks = Trust

Trust = got my back

I very much like banks. I trust them (like I trust my card not to run out of battery or fail due to corroded connections).

But if easy loan products that I haven't taken the time to understand put me in debt, I might take a different view.

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 22 November, 2018, 13:30Be the first to give this comment the thumbs up 0 likes

Okay, jokes apart, this push button won't put anyone in debt. It appears on a credit card, which is already debt territory. Besides, maybe because of emerging marketing dynamics or high NIMs enjoyed by banks or kickback from merchants or whatever, many consumer loans in India are interest-free, at least for durations up to 12 months. So, IMO, the convenience benefit of this push button far outweigh the debt trap cost.

Vernon Crabtree
Vernon Crabtree - My comments are my own - Utrecht 22 November, 2018, 15:42Be the first to give this comment the thumbs up 0 likes

It is quite cool what is being built into cards now. This is indeed a good example - if they can get the reliability right. The products it supports are probably already on the market so it is a good convenience in certain markets.

 

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