IndusInd Bank and Dynamics Introduce India’s First Battery-Powered Interactive Payment Card
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.
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The Dynamics Inc and IndusInd pay with credit, pay with points and pay with rewards card – Credit (Photo: Business Wire)
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.
About IndusInd Bank Ltd.
IndusInd Bank, which commenced operations in 1994, caters to the needs of both consumer and corporate customers. Its technology platform supports multi-channel delivery capabilities. As on September 30, 2017, IndusInd Bank has 1250 branches, and 2146 ATMs spread across 690 geographical locations of the country. The Bank also has representative offices in London, Dubai and Abu Dhabi. The Bank believes in driving its business through technology. It enjoys clearing bank status for both major stock exchanges – BSE and NSE – and major commodity exchanges in the country, including MCX, NCDEX, and NMCE. IndusInd Bank on April 1, 2013 was included in the NIFTY 50 benchmark index. In the recently released Kantar Millward Brown’s BRANDZ Top 50 most valuable Indian Brands 2017 report, IndusInd Bank has retained its 12th position and has been ranked No.6 amongst banks as per the Top 50 Indian Brands.
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About Dynamics Inc.
Dynamics has three business units – an intelligent card, value-added processing, and phone payment technology business unit. The Company’s intelligent card division has introduced market defining card products such as the world’s first multiple account card (Canada), the world’s first password protected card (Asia), and the world’s first multiple co-brand card (USA). The Company’s value-added processing division provides real-time loyalty or purchase notification to millions of consumers and includes customers such as Tim Hortons and the Upper Deck Company. The Company also produces pay-by-phone technology that is used in cell phones. LG Electronics leverages Dynamics technology in LG Pay. Dynamics has raised over $110 million dollars in funding from investors including Mastercard, CIBC, Adams Capital Management, and Bain Capital Ventures. Dynamics operates multiple manufacturing facilities, physical card personalization, and remote data trusted service manager (TSM) facilities, with its Global Headquarters in Pittsburgh, Pa., APAC headquarters in Singapore, LATAM headquarters in Sao Paulo, Brazil, and EMEA headquarters in New York. More information on the company, its technology and applications can be found at www.dynamicsinc.com.
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