MUMBAI, INDIA: A large section of Indian consumers, no matter how much they are willing to, are not switching to digital payments owing to security related concerns. According to the Government data, 25,800 fraud cases involving about Rs 179 crore pertaining to credit and debit cards and internet banking were reported in India up to December 21, 2017.
Addressing this major concern, digital payment solutions provider, Atom Technologies and payment tech company, Tranwall brings in a new technology, e-shield, which mitigates risk and empowers customers with real-time transaction control. Customers now have the power to switch their debit and credit cards ‘on’ and ‘off’ with the utmost convenience.
Either through the use of a smart phone app or by using artificial Intelligence-enabled bot services activated over both voice and chat, consumers can switch transactions ‘on’ and ‘off’ against the payment cards originating from any channel such as, internet (ecommerce), ATM, POS terminals or foreign transactions amongst others. Consumers, in real-time, can set their cards/netbanking as to which particular transaction should or should not be allowed, therefore putting consumers in complete control of who or what can access their funds.
On a real-time basis customers, can also request for a status update on cards and accounts, check balances and avail a host of other benefits.
While smart phone users can avail the advanced control 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, “By putting customers in control of their finances and enabling them to decide what transactions will and will not be allowed against their payment cards or accounts, our products enhanced security provides consumers with the confidence required in non-cash payments and this has shown to assist in increasing the usage cards as a payments mechanism. 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.”
Atom Technologies aims to tap at all the leading banks in the country over the next two quarters through this latest white label product. Dewang Neralla, Chief Executive Officer, Atom Technologies said, “This latest fraud prevention tool, while on one hand empowers customers with the control of their own transactions, on the other it helps banks to bring down the cost of security and protect their liability – thus a win-win scenario for both.”