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  1. Believe it or not! Now you can switch On and Off debit, credit cards; here is how

Believe it or not! Now you can switch On and Off debit, credit cards; here is how

Amid the constant cries over internet banking frauds, Atom Technologies and Tranwall have come up with a new technology, e-shield, which mitigates risk and empowers customers with real-time transaction control.

By: | New Delhi | Published: March 22, 2018 1:48 PM
debit cards, credit cards, internet banking, online banking, digital payments, digital payments by cards, credit card payments, debit card payment, digital payments in india With the help of this technology, the customers will have the power to Switch their debit and credit cards ‘On’ and ‘OFF’.

Amid the constant cries over internet banking frauds, Atom Technologies and Tranwall have come up with a new technology, e-shield, which mitigates risk and empowers customers with real-time transaction control. With the help of this technology, the customers will have the power to Switch their debit and credit cards ‘On’ and ‘OFF’ with the utmost convenience. Yes, you read it right! As hard as it may sound to believe, with the help of this new technology the consumers will be able to switch transactions ‘ON’ and ‘OFF’ against the payment cards originating from any channel such as, internet (e-commerce), ATM, POS terminals or foreign transactions amongst others.

This will be possible with the help of a Smartphone app or by using artificial Intelligence enabled Bot services activated over both voice and chat. The technology will also allow the users to set their cards/net banking as to which particular transaction should or should not be allowed in real-time. This means that the consumers will be in total control of who or what can access their funds.

Dewang Neralla, Chief Executive Officer, Atom Technologies said that the new fraud prevention tool will not only help empower the customers with the control of their own transactions but will also help the banks to bring down the cost of security and protect their liability. He said that this will be a win-win situation for both banks as well as consumers.

“Tranwall is the pioneer after having successfully implemented this technology across multiple banks in multiple regions, and now applying focus in India with Atom. I believe through Atom’s deep understanding of the Indian market, this product will be an instant hit in India,” Neralla added.

The development comes at a time when India is battling against the internet frauds. The government data reveals that a total of 25,800 fraud cases involving about Rs179 crore pertaining to credit & debit cards and internet banking were reported in India up to December 21, 2017. Security is also one of the main reasons why Indian customers are still reluctant to switch to digital payments.

With the help of e-shield, the customers will also be able to request a status update on cards and accounts, check balances and avail a host of other benefits.

The smartphone users will be able to avail the facility through their bank’s mobile banking app, non-smart phone users can control their transactions via SMS and USSD, therefore all consumers can and should be protected.

Greg Haynes, Tranwalls co-CEO said that they understand the Indian government’s ‘faceless, paperless and cashless’ drive towards digital transactions and their product will provide consumers with the confidence required for non-cash payments.

“Having digital features providing security and convenience, together with mobile banking features driving consumer demand, our transaction control is well suited to assist in the Indian Government’s priority of promoting the adoption and usage of digital payments,” he said.

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  1. Sanjiv Sudhakar
    Mar 23, 2018 at 1:43 pm
    The similar feature is in you Bhim that is never promoted in indian media.
    Reply
    1. Shruti Anwesha
      Mar 23, 2018 at 11:45 am
      South Indian Bank was the pioneer in implementing this feature . Good that other financial ins utions are getting aware and are implementing this feature.
      Reply
      1. Rangamanohar Chatakonda
        Mar 23, 2018 at 8:04 am
        First banker to launch in India was south Indian Bank
        Reply
        1. Rangamanohar Chatakonda
          Mar 23, 2018 at 7:52 am
          South Indian Bank has introduced the same years ago and first in india
          Reply
          1. Chakkaravarthy P
            Mar 23, 2018 at 7:37 am
            Canara Bank is already providing such facility since from 2016 through their mobile app Canara mServe for their customers to Switch ON /OFF their Debit / Credit Cards instantly and to hotlist the cards
            Reply
            1. Abhishek Sarkar
              Mar 22, 2018 at 10:18 pm
              SBI has provided this option for quite a long time.....either in online sbi or SBI QUICK app....using it for almost 1 year at least
              Reply
              1. KAMLESH RUPREL
                Mar 22, 2018 at 10:13 pm
                Canara bank is ing this facility since long
                Reply
                1. Laravi Kumar
                  Mar 22, 2018 at 4:58 pm
                  This is must option these days because of lots of fraudulent transactions happening!
                  Reply
                  1. Laravi Kumar
                    Mar 22, 2018 at 5:00 pm
                    and its always better to turn off on your creditcars as well
                    Reply
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