Union Bank To Roll Out NFC Debit Cards

Union Bank has joined the ranks of a slowly growing list of banks poised to solve one problem that has long annoyed Indian consumers: long wait lines to pay at retail stores.

The bank has announced plans to launch NFC-enabled debit cards soon, which would take away the need for consumers to dip their cards and wait for the transaction to complete, according to a report by Business Standard.

As NFC-enabled cards gain popularity among consumers, Union Bank has joined a small pool of some major banks, including ICICI Bank, Axis Bank and State Bank of India, which are leaping forward in the contactless payments sphere in India.

As a part of its digital initiative aimed at giving many of its consumer-facing services a digital lift, the bank is planning to launch a mobile wallet and mobile passbook that would allow its customers to transfer money using email addresses or mobile numbers, open savings accounts online and view account statements online, among others.

To power the mobile wallet, the bank is reportedly partnering with India-based Paytm, an eCommerce and digital payments company. Disrupting the traditional style of adding mobile wallet credit using online banking, the partnership would allow customers to add credit to their mobile wallets using any Union Bank ATM.



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