Chennai: City Union Bank, the oldest Private Sector Bank in India, in association with smart-tech-enabled preventive healthcare platform GOQii and powered by National Payments Corporation of India (NPCI), has launched a wearable payment solution called CUB fitness watch debit card.
“We used advanced technology to enable our customers to make digital transactions in a contemporary, safe and secure fashion. We are happy to introduce this CUB Easy Pay Debit Card in a Fitness Watch providing our customers with an easy tap and go payment solution,” said N Kamakodi, managing director and chief executive officer of City Union Bank. Customers need to hold this wristwatch in front of the PoS device during payment like tapping the card on PoS. For payments above Rs 5,000, customers need to tap and enter their PIN. The introductory price of a smartwatch debit card is Rs 3,499, as compared to an actual cost of Rs 6,499).
Customers can set limits for their payments using Net / Mobile Banking. Payments made using this Debit Card in a Fitness Watch are safe and secure, the bank said in a statement. For each transaction done using the watch, SMS will be sent to the registered mobile number. Customers can raise a request for the Fitness Watch Debit Card through Net banking/ Mobile banking. Usage of wristwatches can be managed by customers on their own through CUB All in One Mobile App.
Besides being useful for making contactless payments, this Fitness Watch enables the wearer to monitor their Oxygen Level (Sp02), Body Temperature, Heart Rate, Blood Pressure and 18 Exercise Modes. In addition, for early adopters, GOQii offers a Free wellness package for three months comprising personal health coach, doctor tele-consult & interactive video coaching.
Vishal Gondal, Founder of GOQii said, “At GOQii we aim to provide solutions for consumers to lead a healthy life. We are truly excited to partner with City Union Bank to offer contactless payments integrated with GOQii’s advanced health ecosystem to its banking customers. With the increasing digital payments and the need for social distancing we are confident that our association will benefit the user”.
CUB had recently launched their Debit Card in a Key Chain which also enables contactless Payment On the Go solutions. CUB’s focus on promoting contactless payment solutions is part of its overall strategy to offer a bouquet of Digital Payment Solutions.
Praveena Rai, COO, NPCI said, “We are happy to partner with City Union Bank and GOQii to launch CUB Easy Pay, Contactless RuPay On-The-Go payment solution. This payment solution eliminates the need to carry tender cash, or even a wallet for that matter, and offers unparalleled and superior customer experience to cater to their day-to-day shopping needs. RuPay On-The-Go carries all the security features, notifications and controls of a regular card, and users can transact with the comfort of their safety. With the rapid increase of acceptance infrastructure, the demand for contactless payment mechanisms is on a steady rise. This one-of-its-kind offering is enabled with cutting edge innovation and is set to redefine the way contactless transactions will be made in the future.” The first watch was received by V R Venkataachalam, Chancellor of Sri Ramachandra Institute of Higher Education and Research in Chennai on 24th January 2022.