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IndusInd Bank Buttons Up with Dynamics’ Interactive Credit Card

IndusInd Bank has cut a deal with interactive credit card company Dynamicsreports Antony Peyton of Fintech Futures (Finovate’s sister publication).

Mumbai-based IndusInd Bank is in a pushy frame of mind as it has launched an interactive credit card in India with buttons for payments.

Calling it a “first” in the country, the Nexxt Credit Card has payment options at a point of sale (POS) terminal – credit, converting transactions into electronic money institutions (EMIs) with four tenure options (six, 12, 18 and 24 months) or using accumulated reward points, by pushing a button on the card.

Anil Ramachandran, EVP and head, marketing and retail unsecured assets at IndusInd Bank, says: “Responsive innovation has been our mantra to design financial products that enhance customer empowerment and boost convenience for them.”

The card has been created in partnership with Dynamics, which is headquartered in Pittsburgh. Back in January, Dynamics teamed up with Sprint, a subsidiary of SoftBank, to launch the Wallet Card, a battery-powered, connected card.

With the bank’s latest card, a customer does not need to fill out any paperwork, or call their bank, or log in to any banking channel to convert their POS transactions into EMIs, or to redeem their rewards points.

Last month, the bank launched the IndusInd Bank Duo Card, a debit and credit card in one – the first one in India.

The card has two EMV chips and a magnetic stripe for each, one on each side. The bank says the card uses the anagram technique to enhance and highlight the singularity of the duo card.

IndusInd Bank started operations in 1994. It has 1,466 branches and 2,372 ATMs across the country.

Dynamics has won Best of Show eight times since its first Finovate appearance in 2010. At its most recent demo at FinovateSpring 2018, the company showed off its Wallet Card, a network-approved payment card that uses Sprint’s wireless network and boasts a 65,000 pixel display that depicts all cardholder information.