City Union Bank, the oldest private sector bank in India, in association with preventative healthcare platform based on smart technologies GOQii and powered by the National Payments Corporation of India (NPCI), has launched a portable payment solution called CUB fitness watch debit card.
“We have used cutting-edge technology to enable our customers to transact digitally in a contemporary, safe and secure way. We are pleased to introduce this CUB Easy Pay debit card in a fitness watch offering our customers a quick and easy payment solution,” said N Kamakodi, General Manager and CEO 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 code.The introductory price of a smartwatch debit card is Rs 3,499, compared to an actual cost of Rs 6,499).
Customers can set limits for their payments via 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 made using the watch, an SMS will be sent to the registered mobile number. Customers can apply for a Fitness Watch debit card via Net banking / Mobile banking. The use of wristwatches can be managed by customers themselves via the CUB All in One mobile application.
Apart from being useful for making contactless payments, this fitness watch allows the wearer to monitor their oxygen level (Sp02), body temperature, heart rate, blood pressure and 18 exercise modes. Additionally, for early adopters, GOQii offers a three-month free wellness package that includes a personal health coach, medical teleconsultation, and interactive video coaching.
Vishal Gondal, Founder of GOQii, said, “At GOQii, we aim to provide solutions that enable consumers to lead healthy lives. We are truly excited to partner with City Union Bank to offer contactless payments integrated with GOQii’s advanced healthcare ecosystem to its banking customers. With the increase in digital payments and the need for social distancing, we are confident that our association will benefit the user.”
CUB recently launched its debit card in a key fob that also enables contactless payment solutions on the go. 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 pleased to partner with City Union Bank and GOQii to launch CUB Easy Pay, the RuPay On-The-Go contactless payment solution. This payment solution eliminates the need to carry cash, or even a wallet for that matter, and provides an unparalleled and superior customer experience to meet their everyday shopping needs. RuPay On-The-Go has all the security features, notifications and controls of a regular card, and users can transact with the comfort of their security. With the rapid increase in acceptance infrastructure, the demand for contactless payment mechanisms is constantly increasing. This first-of-its-kind offering is made possible through cutting-edge innovation and is set to redefine how contactless transactions will be conducted in the future. The first watch was received by VR Venkataachalam, Chancellor of Sri Ramachandra Institute of Higher Education and Research, Chennai on January 24, 2022.