AU Small Finance Bank launches array of products including Rupay credit card

In a bid to increase fee income, AU Small Finance Bank (AU SFB) on Tuesday launched an array of products including Rupay credit card and ATM insurance.

Among the latest offerings are two innovative credit cards: the AU SPONT Rupay Credit Card and Secured Credit Card - NOMO (No Missing Out), developed in collaboration with NPCI and VISA, respectively.

The NOMO Credit Card marks AU SFB's debut into the realm of secured credit cards, backed by a fixed deposit, the bank's managing director Sanjay Agarwal said here.

Additionally, he said, AU SFB has unveiled the AU 0101 Business App, designed to offer customized solutions for proprietorships and MSMEs, alongside AU0101 Version 2.0, engineered to provide customers with an enhanced mobile banking experience, complete with exciting new features.

First time in Indian banking industry, he said, AU SFB has launched ATM Insurance, for the convenience of customers to buy insurance through AU SFB's ATMs with their debit card.

Insurance journey on ATM is the industry-first innovation, hence, AU SFB have gone ahead and patented this process before launching its first ATM insurance in March 2024, he said.

Not only this, but AU SFB have also launched WhatsApp Insurance where customer will get policy instantly using WhatsApp platform, he said.

Once again, AU SFB has filed for a patent in April 2024, he added.

Talking about features of credit card, the Rupay Credit Card enables users to seamlessly link the card to their preferred UPI-enabled application, facilitating convenient payments using the UPI Scan and Pay feature.

Suited for users across all income brackets, who engage in frequent transactions via UPI, whether with e-commerce or POS merchants, this card offers 1 per cent cashback on all transaction types (excluding select categories) and COINS rewards for UPI transactions made with the AU 0101 application.

These rewards are redeemable for a range of physical gifts and gadgets, he added.

On the other hand, he said, the NOMO (No Missing Out) Credit Card is AU SFB's first secured credit card, backed by a Fixed Deposit (FD).

Designed for users who may not meet the criteria for unsecured credit cards due to factors like absence of a credit score, limited credit history, or absence of income proof, the NOMO credit card offers reward points on card usage along with additional benefits such as airport lounge access and fuel surcharge waivers, he added.

On the AU 0101 Business App, he said, it will serve as a one-stop shop for proprietorships and MSMEs, providing direct access to banking products and value-added services necessary for running and managing their businesses.

With the AU 0101 Business App's support, business customers can seamlessly navigate through various banking relationships, including current accounts, savings accounts, deposits, loans, and credit cards, he said.

This includes digital QR onboarding, instant QR settlements, payment collections via Static QR/Dynamic QR, and payment links, he added.