And finally…bank launches push button card to switch payment methods

(Image: Business Wire)

An Indian bank has launched an interactive credit card with push button controls for customers to choose their preferred mode of payment at the checkout.

Created in partnership between IndusInbank with US-based Dynamics, the battery-powered payment card enables customers to choose between charging a purchase to their credit card account, taking out a loan or paying for the item with their reward points balance.

The card indicates a customer’s desired payment choice using LED lights associated with the three options.

With a touch of a button consumers can select credit, points or monthly instalments as payment option. A different colour light will activate based on the selected payment option.

The solution requires no changes to the payment infrastructure or merchant systems. A consumer can pay using points or installment anywhere Mastercard is accepted.

On the launch, Sumant Kathpalia, head consumer banking at IndusInd Bank, said: “With this card, our aim is to give the customer multiple options on how to make a payment using his or her credit card. The power of choice moves completely to the customer.”

Founded in 1994, IndusInd Bank has 1410 branches, and 2285 ATMs spread across India as well as representative offices in London, Dubai and Abu Dhabi.