Connect with us

News

BoB Financial and Snapdeal Launch Co-Branded JCB RuPay Contactless Credit Card

Published

on

L-R Saturo Mori, MD, JCB International (Southasia), Himanshu Chakrawarti, President, Snapdeal Limited Praveena Rai, COO, NPCI; and Shailendra Singh, MD & CEO, BOB Financial-min

 

  • The co-branded card will offer up to 5% cashback on spends done on the Snapdeal app and website
  • Cardholders can also get benefits worth up to INR 500 by activating their credit card within 30 days of issuance

 

BOB Financial Solutions Limited (BFSL), the wholly-owned subsidiary of Bank of Baroda (BoB) and Snapdeal in partnership with National Payments Corporation of India (NPCI) and JCB International Co. Ltd. have announced the launch of the Snapdeal BoB JCB RuPay Credit Card. The card is designed keeping in mind the purchase behaviour of shopping enthusiasts and will offer a host of attractive benefits and rewards. The card will also be usable at international merchants and ATMs through the extensive JCB global network.

Users of the co-branded credit card will receive up to 5% unlimited cashback (accrued as 20 reward points on every INR 100 spent) on the Snapdeal app and website. Activation of the co-branded credit card within 30 days of issuance will entitle the cardholder to shopping benefits on Snapdeal worth up to INR 500.

The card also offers 10 Reward points per INR 100 spent on online, grocery and departmental store spends. For purchases in all other categories, customers will get 4 reward points for every INR 100 spent. The cardholders will also enjoy free Add-On cards for family members, waiver of 1% fuel surcharge, easy EMI options (pre and post purchase), and periodic offers across merchants.

Commenting on the partnership, Shailendra Singh, MD & CEO, BOB Financial said“We are happy to launch our co-branded credit card with Snapdeal, in partnership with NPCI, at a time when both new customer acquisition as well as usage from smaller cities and towns continue to grow at an impressive pace. The challenges brought about by the pandemic have resulted in a rapid adoption of digital payments even in interior locations of the country. Our co-branded credit card will offer additional value to this large segment of customers that constitute Bharat!”.

Himanshu Chakrawarti, President, Snapdeal Limited said, “Snapdeal’s target audience is the value-savvy, mid-income, price-conscious buyers who predominantly live in the smaller cities of India. The partnership between BOB Financial, NPCI and Snapdeal brings together parties with a deep understanding of this mega-segment of consumers and how they are evolving in terms of their use of technology and digital payments. Our co-branded card is another important step in offering additional value to our users.”

Ms. Praveena Rai, COO, NPCI said, We are happy to associate with BOB Financial and Snapdeal for the launch of the distinctive co-branded JCB RuPay Contactless Credit Card. We believe that this proposition will appeal strongly to millions of Snapdeal and BOB Financial’s customers at large by offering them a unique and rewarding experience.  At NPCI, we are strategically focussing on creating a wide array of offerings in the credit segment for the customers to experience delightful and memorable retail as well as e-commerce shopping.”

Mr. Yoshiki Kaneko, President and COO, JCB International Co. Ltd. said, “We are extremely excited to partner with BFSL and Snapdeal through our esteemed network partner RuPay. This product, besides offering great value and benefits within India, comes with unique benefits and privileges internationally. This includes access to exclusive JCB in-city lounges at many key international travel destinations and special discounts exclusively for JCB cardmembers at many international merchants. We are sure the cardmembers will enjoy the benefits of carrying this card with them wherever they go.”

News

Union Bank of India goes live with RuPay Credit Card on UPI with Kiya.ai as a technology partner

Published

on

By

Nitesh Ranjan, ED Union Bank of India with Rajesh Mirjankar, Managing Director & CEO, Kiya.ai at the launch

 

Kiya.ai, one of the most innovative digital solutions providers in India, announced that Union Bank of India was among the first banks to launch NPCI’s UPI linked to Rupay Credit Card and UPI Lite on the unified payments interface (UPI) platform with Kiya.ai as their technology partner in this achievement.

The announcement comes after the RBI Governor Shri Shaktikanta Das and National Payments Corporation of India (NPCI) launched RuPay credit card on UPI, UPI Lite and Cross Border payments for BBPS at Global Fintech Fest 2022.

Until now, UPI allowed the linking of bank accounts by mapping an account linked with a mobile number and an savings / current account. Earlier in June 2022, the RBI allowed the linking of credit cards with UPI, stating that RuPay credit cards would be initially linked with UPI “to provide additional convenience to users and enhance the scope of digital payments”.

Rajesh Mirjankar, Managing Director & CEO, Kiya.ai, “We are extremely delighted to partner with Union Bank of India in this pilot project of linking RuPay Credit card on UPI. Kiya.ai has partnered with Union Bank of India for various digital payment initiatives including UPI, UPI Lite, UPI linkage to credit card, and sandbox for API banking.  The linking of credit card to UPI will significantly enhance high-volume transactions while also increasing average amount per transaction given the ease of using credit facility on UPI. This is a game-changing initiative as it will ensure safe and contactless transactions, reducing the risk of credit card frauds too.”

Mr. Nitesh Ranjan, ED Union Bank of India said, “We are pleased to embrace the decision taken by the Reserve Bank of India and NPCI to enable Rupay credit cards through UPI. Union Bank of India is proud to be a part of this launch. This is a game changer as one would be able to use a credit card for doing payments using UPI. We are excited to partner with Kiya.ai on this journey, and together, we can provide a smooth user experience to customers and make India even more digitally advanced.”

As part of the pilot project, NPCI will integrate the UPI AutoPay feature with credit card transactions to reduce the risk of defaults on credit card payments.

Continue Reading

News

UK leaves Europe trailing in its embrace of digital banking

Published

on

By

  • People in the UK have embraced digital and online banking in a way that those across the rest of Europe have not, new research by CRIF finds
  • UK consumers are now twice as likely to prefer to apply for financial products and services online via website or in-app, compared to people in other parts of Europe
  • More than half of Europeans still prefer to apply for new financial products in-person
  • The research comes during the cost of living crisis where people in the UK are increasingly looking for greater support from their financial providers

UK consumers are significantly ahead of their European counterparts in their embrace of digital forms of banking, new data shows.

The research, commissioned by Europe’s leading provider of consumer and business credit information – CRIF – surveyed thousands of people in countries across the continent including France, the Czech Republic, Italy, Germany, Slovakia, and the UK, to better understand their attitudes towards financial services.

The findings show that people in the UK are nearly twice as likely as other Europeans to prefer applying for financial products and services online via website or app, including through online chat or video call functions (59% vs 33%)

It also finds that over half (53%) of Europeans still prefer to apply for new financial products – such as current accounts, credit cards or loans – in-person at a local bank branch. In comparison, in the UK only around one in five (23%) would now prefer to go in-person, showing consumers’ embrace of a digital-first approach to banking.

The data underlines the advancements and innovations that the UK’s financial services and fintech sectors have made when compared to other sectors across Europe. The UK continues to be Europe’s most attractive location for international investment into financial services*, with the UK’s fintech sector securing more than $9bn of investment in the first half of 2022, ahead of Germany, Europe’s second biggest fintech destination, with $2.4bn.**

Sara Costantini, CRIF’s Regional Director for the UK & Ireland, said:

“In a digitally dominated world, the way in which we go about our daily lives has changed. And nowhere more so than in banking and financial services. Our research shows that the UK leads the way in Europe when it comes to embracing digital and online methods, but there is still more we can do to utilise digital technologies to help more UK consumers to manage their finances.

“While some are reluctant to share data as they are worried about fraud and security, we should work to allay these fears. Technologies such as open banking are not only safe but can lay the foundations for increased financial support during the current economic crisis.

“Financial providers must do more to educate their customers about the benefits of online and other digital forms of banking to not only help them during the cost of living crisis, but also to drive widespread financial wellbeing and inclusion for all.”

While the UK’s embrace of digital financial services in comparison to the rest of Europe is positive, the research identifies several key challenges to furthering this progress and providing consumers with better services at a time when the cost of living is putting considerable pressure on people’s finances.

Despite growing demand in the UK for more tailored financial products and services – with 34% saying banks should doing more here to meet people’s specific needs at this time – nearly one in five (18%) are still concerned that they would be sold products which aren’t right for them.

When the issue of data is raised, over two-thirds of UK consumers (67%) express concerns that sharing financial data leaves them more open to fraud, underlining the need to educate and reassure customers that innovations like open banking have high security standards and enables a range of consumer benefits.

However, despite this hesitance, more UK consumers are acknowledging the benefits that sharing more of their financial information with providers can bring. CRIF’s research finds around a third of people in the UK would be prepared to share more financial information if it helped providers to better assess their financial situation and improve their ability to borrow (35%) or increase their credit limit (31%). The fact that there are more than 6 million active users of open banking services in the UK reflects this change*** and makes the country the leading adopter of open banking in Europe. ****

The research also shows that younger generations (18-34s) in the UK are significantly more willing to share their data with financial providers, with 53% saying they’d be comfortable doing so if it enabled them to qualify for higher levels of borrowing.

These findings are part of wider research by CRIF into the cost of living crisis in Europe, and its impact on consumer attitudes towards banking and financial services. The full report, Banking on Banks, will be published later this month.

 

Continue Reading

Magazine

Trending

Business2 days ago

Know Your Business (KYB): Exceeding KYC

Victor Fredung, CEO at Shufti Pro   Money laundering costs the UK more than £100 billion pounds a year, according...

Finance1 week ago

Mini-Budget 2022:

Tax giveaway is a boost for business, but will it drive growth or fuel inflation?   Chancellor Kwasi Kwarteng has...

Finance1 week ago

A zero trust environment is critical for financial services

Boris Bialek, Managing Director of Industry Solutions at MongoDB Not long ago security professionals were still focused on protecting their...

Banking1 week ago

Digital Banking – a hedge against uncertainty?

Ankit Shah, Head of Digital Banking, Apex Group   The story of the 2020’s thus far is one of crisis....

News1 week ago

Union Bank of India goes live with RuPay Credit Card on UPI with Kiya.ai as a technology partner

Nitesh Ranjan, ED Union Bank of India with Rajesh Mirjankar, Managing Director & CEO, Kiya.ai at the launch   Kiya.ai,...

Finance1 week ago

Anyone Can Become an R&D Tax Expert with the Right Foundations

Ian Cashin is a Customer Success Manager at Fintech company and R&D tax software provider WhisperClaims   For accounting firms,...

Business1 week ago

Addressing the ongoing global pilot shortage issue

By Bhanu Choudhrie, Founder of Alpha Aviation   The Covid-19 pandemic brought the aviation industry to a halt, causing vast...

Business1 week ago

How exporters can mitigate risks and operate smoothly in stormy, post-Brexit waters

By Morgan Terigi is Co-Founder and CEO of Incomlend   The past few years have presented a series of hurdles...

Business1 week ago

From employees to customers, workforce management can benefit the entire banking ecosystem

Michael Cupps, SVP of Marketing of ActiveOps explores the significant impact workforce management can have on the employees and customers...

Business1 week ago

Redefining the human touch with digital transformation

Simon Kearsley, CEO of bluQube   It may not be a new phrase, but digital transformation is still inducing anxiety...

Finance2 weeks ago

CFOs – the forgotten ally in the fight against ransomware

Justin Vaughan-Brown, VP Market Insight at Deep Instinct   Ransomware attacks have nearly doubled in the past couple of years....

Technology2 weeks ago

7 cost benefits of cloud accounting software

By Paul Sparkes, Commercial Director of iplicit, an award-winning accounting software developer   Is your accounting software having a laugh...

Business2 weeks ago

How does Identity Access & Privileged Access Management help in PCI DSS Compliance?

Narendra Sahoo is a director of VISTA InfoSec. Introduction The Payment Card Industry Data Security Standard also commonly referred to...

Finance2 weeks ago

Listed private debt deserves a closer look from investors

By Michel Degosciu, Managing Partner, LPX AG Over the past few years, the private debt asset class is attracting serious...

Banking2 weeks ago

Security vs online payment convenience: which one is tipping the scales for customers?

 Chirag Patel, President of Digital Wallets at Paysafe.   While keeping their payment details safe is a top priority for...

Business2 weeks ago

The Tool and Tips to Truly Get Started with No-Code Development

Author: Chris Obdam, CEO of Betty Blocks   Throughout the legal industry, firms and in-house departments are leveraging legal tech...

That’s where Netcall’s Liberty Create came in. Create is a new breed of low-code software solution, built for both business users and professional developers That’s where Netcall’s Liberty Create came in. Create is a new breed of low-code software solution, built for both business users and professional developers
Business2 weeks ago

How ReFi Will Transform Finance

– by Ransu Salovaara, CEO of carbon platform Likvidi   Humanity faces a multitude of threats, many of which are...

Business3 weeks ago

THE NEXT WAVE OF FINTECH IS HERE

Much has been made of the ‘second generation’ fintech movement recently, but what have these businesses learned from those entering...

News3 weeks ago

UK leaves Europe trailing in its embrace of digital banking

People in the UK have embraced digital and online banking in a way that those across the rest of Europe...

Business3 weeks ago

The rise of automation and its impact on the CFO & CIO

By: Gert-Jan Wijman, VP Europe, Middle East and Africa at Celigo   On the back of the pandemic, organisations have...

Trending