A large section of Indian customers, 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 INR179 crore pertaining to credit and debit cards and internet banking were reported in India up to December 21, 2017.
Addressing this major concern, Mumbai based payment solutions provider, Atom Technologies in association with the Australian firm, 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. Applicable for both Smartphone and non-smart phone users, the e-shield enables banks to lower card and account-based frauds thereby bringing down the cost of security.
A customer can avail e-shield either through their Smartphone app or by using artificial intelligence-enabled services, activated over both voice and chat, which will enable switching off or on credit/debit cards after a transaction at any channel like online purchase, ATMs, PoS terminals or even after a foreign transaction.
The software also allows the customer, on a real-time basis, to request for a status update on the cards, accounts and, check the balance.
Tranwall is an Australia-based technology company specializing in payment technologies and services across multiple regions, including the Middle East, Africa and the Asia Pacific.
Atom Tech was set up in 2006 and, serves over 30,000 merchants from the e-tail, retail, government, utility, BFSI (Banking financial services and insurance), DTH, education entertainment, travel and tourism, telecom.