AU Small Finance Bank Launches Credit Cards and ATM Insurance

On April 23, 2024, AU Small Finance Bank (AU SFB) launched various products, which include Rupay credit card and ATM insurance. The small finance bank released 2 innovative credit cards, a Secured Credit Card – NOMO (No Missing Out) and an AU SPONT Rupay Credit Card, developed in collaboration with VISA and National Payments Corporation of India (NPCI), respectively.

According to the Managing Director of AU Small Finance Bank, Sanjay Agarwal, with the NOMO Credit Card, the bank entered into the realm of secured credit cards backed by a fixed deposit. The NOMO Credit Card caters to individuals who might not qualify for unsecured credit cards due to reasons such as lacking a credit score, having limited credit history, or lacking proof of income. The card provides reward points on the usage along with more benefits, such as fuel surcharge waivers and airport lounge access, he added.

On the other hand, he said, the Rupay Credit Card helps users quickly link the card to their chosen UPI-enabled application and enable convenient payments using the UPI Scan and Pay feature. This card is suited for customers across all income brackets and it offers 1% cashback on all transaction types (excluding select categories) and COINS rewards for UPI transactions made with the AU 0101 application. The rewards can be redeemed for gifts and gadgets.

Further, AU SFB has launched the AU 0101 Business App and Mr Sanjay Agarwal said that the app is designed to provide tailored solutions for proprietorships and MSMEs, alongside AU0101 Version 2.0, engineered to offer customers with an improved mobile banking experience, complete with exciting new features. On using the AU 0101 Business App, business customers can easily navigate through various banking relationships, such as current accounts, deposits, savings accounts, credit cards and loans. It also includes digital QR onboarding, payment collections via Static QR/Dynamic QR, instant QR settlements, and more.

He also added that for the first time in the banking industry in India, AU SFB has launched ATM Insurance, which helps customers purchase insurance via AU SFB’s ATMs with their debit cards. As this is the industry-first innovation, the bank patented this process in March 2024. In addition to this, AU SFB also offers WhatsApp Insurance, where customers will get a policy instantly through WhatsApp. Even for this, AU SFB has filed a patent in April 2024.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.