India’s first interactive card with buttons was launched by Dynamics Inc. and Hinduja Group-backed IndusInd bank. The card has an electric circuit, three buttons, and a battery. The buttons on the card are used to make payments with credit, payments with points, and payment with installments. Each time the button is pressed, the card re-writes its magnetic stripe, contactless chip, and EVM chip so that the selected payment type can be accessed in any of the payment terminals. This card can be used to make payment with any merchant point-of-sale. The merchant does not require unique point-of-sale equipment. Credit transactions authorized by the bank will be shown to the merchant. The vendor will not be aware of the payment method to ensure privacy. Users need not worry about the merchant knowing the payment details.
Whenever the user makes any purchase, four installment options will be given and by pressing the installment button multiple time the users can select the number of installments. Each of the installment options has different light and by pressing the installment button once the light for 6months option turns on, if the button is pressed twice then the light next to 12 months option turns on and so on for the subsequent period. Reward points must be collected before making payments using reward points. To make payments using reward points rewards button must be pressed. To review the accumulated reward points, mobile application must while being connected to the internet.
Purchases can be made by credit by pressing the credit button; the method works like a standard credit card, and the payment is acknowledged anywhere MasterCard is accepted. The electronic card was launched to give the customers the privilege to pay in multiple ways; users have the power to choose their payment option. The market in India is rapidly growing, and to meet its pace, innovative payment methods are required. IndusInd Bank Nexxt card will help the consumer make smarter financial management choices. The card will improvise the buying experience of the user, and various offers are also provided from which reward points can be earned.