Union Bank of India, one of India’s largest public sector banks, launched Ucontrol, a first of its kind solution designed to give customers the convenience of controlling their credit card usage with a mobile application.
Powered by Worldline [Euronext: WLN], the European leader in the payment and transactional services industry, this service enables customers to control where and how their Union Bank of India credit cards are used.
With Ucontrol, Union Bank cardholders can now manage usage of all their Union Bank of India credit cards from a single mobile application. Cardholders need to upload the card details on the mobile app which will enable them to manage the card in various ways. One can enable and disable transaction channels like POS, ATM and the internet, as well as activate/deactivate the card(s) itself and enable/disable foreign transactions for particular countries and currencies. Apart from controlling usage, the cardholder can also receive transaction alerts for payments made through the cards registered on the app. The Ucontrol app also allows him to analyze spends of the last 3 months. Depending on the card uploaded, the customer can monitor and analyze his personal spends as well as that of dependants or joint cardholders (children, spouse etc.)
Shri Arun Tiwari, Chairman and Managing Director, Union Bank of India said - “At Union Bank of India, we always strive to adopt and leverage technology to expand the reach of banking services to more customers and create a seamless, user-friendly and secure banking experience for them. A personalized payment application like Ucontrol helps customers take charge of their card usage and Worldline, a transaction processing expert, is helping us build this solution for secure transactions. The solution will be available to customers of Union Bank of India with effect from today.”
Speaking on the launch of the solution and the association, Mr. Deepak Chandnani, CEO South Asia and Middle East, Worldline said: “Every year, almost all banks face incidents of fraud in retail banking and these frauds are becoming increasingly sophisticated. As card frauds become more numerous and sophisticated, card issuing banks need more effective and innovative methods to combat this menace. Our solution goes one step further and allows cardholders themselves to participate in the authorization of payments made using their cards. The cardholder can, in a secure and seamless way, enable or disable the use of his card for specific transaction types, enable or disable the use of his card by geography, by channel of use (eg ATM, POS, internet), adjust the limit on his card, etc. This solution allows the cardholder to make these changes instantly using his phone on a 24/7 basis.” He further added, “We appreciate this path breaking initiative by Union Bank of India in offering this solution to their cardholders and are happy to partner with them to provide a robust mechanism which makes card payments safer for their customers.”