A mobile app recently launched that helps cardholders to turn cards off and on, plus provide other cardholder controls. As reported in Financial Express:
“The facility will be available to our cooperative bank clients whose customers will have the added protection. We expect to soon have some large public sector banks on board where our proposal has got through technical evaluation,” Venkat Shankar, Managing Director & CEO, Maxiumus Infoware told FeMoney. However, he did not want to divulge names of banks.
Other than being able to turn on and turn off your card through your mobile, the app would allow setting your own daily transaction limits for ATM, Point of Sale (POS) and e-commerce (internet transaction) including setting a combined limit. You can also enable/disable your card for specific payment channels such as ATM, POS and e-commerce and view the last 5 transactions of your card on your mobile screen.
Timing is everything. The networks are requiring the financial institutions to provide these services that are proven to help prevent fraud, in additional to providing a meaningful or potentially meaningful communication platform for cardholders. These services are coming at a time in the industry where providing valued added service and avoiding commoditization is of ultimate concern.
Overview by Sarah Grotta, Director, Debit Advisory Service at Mercator Advisory Group
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