IndusInd Bank and Dynamics Inc. today at the 2018 Consumer Electronics Show (“CES”) announced plans to introduce the first battery-powered, interactive payment cards to the Indian market in 2018.
The new IndusInd Bank card from Dynamics has multiple buttons that let the consumers use a single card to pay in multiple ways. With a touch of a button consumers can select credit, points or monthly instalments as payment option. A different colour light will activate based on the selected payment option.
The solution requires no changes to the payment infrastructure or merchant systems. A consumer can pay using points or installment anywhere Mastercard is accepted.
“In our continued efforts in providing ‘responsive innovation’ as the core theme of IndusInd Bank, in the past we have launched a wide range of banking products and services which are unique, convenient and very relevant to the Indian consumer. Our penchant to delight our customers remains foremost and we reinforce our commitment yet again with this launch,” said Sumant Kathpalia, Head- Consumer Banking, IndusInd Bank.
“Consumers today believe in indulging themselves and purchasing to their heart’s content. And we believe in handing the consumer the power and the choice to make payment as per her convenience. We have always put our consumer first. And our responsive innovation in partnership with Dynamics is a step towards customer delight,” said Anil Ramachandran, EVP & Head, Marketing & Corporate Communications and Retail Unsecured Assets at IndusInd Bank. “With the Dynamics technology on board with IndusInd Bank, we can deploy the revolutionary payment functionality throughout the Indian market while retaining the existing card form so consumer behavior does not need to change.”
As part of the relationship, Dynamics will establish a personalization and card fulfillment facility in India. “The financial preferences of consumers in India can change very rapidly. Now, consumers in India can enjoy a product that can provide consumers with new ways to pay,” said Jeffrey Mullen, CEO of Dynamics Inc. “We are humbled to work with IndusInd Bank on delivering such a revolutionary payment experience to the market.”
The Consumer Technology Association (CTA) recognized IndusInd Bank and Dynamics with four CES Innovation awards including the Best of Innovation Award for Security and honoree awards for Computers, Embedded Technologies, and Technologies for a Better World. This marks the first time in history an Indian Bank has been awarded the consumer electronics industry’s most prestigious award.