AU Small Finance Bank Unveils New Products Including Rupay Credit Card

In a strategic move to enhance its fee income, AU Small Finance Bank (AU SFB) introduced a suite of innovative financial products on Tuesday. The launch includes the AU SPONT Rupay Credit Card and the Secured Credit Card - NOMO No Missing Out, in partnership with NPCI and VISA, respectively. This initiative marks AU SFB's entry into the secured credit card segment, offering a product backed by a fixed deposit, as announced by the bank's managing director, Sanjay Agarwal.

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Further expanding its digital offerings, AU SFB unveiled the AU 0101 Business App and AU0101 Version 2.0. The business app is tailored for proprietorships and MSMEs, offering customized banking solutions. Meanwhile, the updated version of their mobile banking app introduces new features aimed at enhancing the user experience.

A notable innovation by AU SFB is the introduction of ATM Insurance, a first in the Indian banking sector. This service allows customers to purchase insurance directly through AU SFB's ATMs using their debit cards. Agarwal highlighted that this industry-first feature has been patented by the bank ahead of its launch in March 2024. Additionally, AU SFB has ventured into WhatsApp Insurance, enabling instant policy issuance via the WhatsApp platform, with a patent filed for this process in April 2024.

The Rupay Credit Card from AU SFB is designed to integrate seamlessly with UPI-enabled applications, facilitating easy payments through UPI Scan and Pay. It offers 1 per cent cashback on all transactions (with certain exclusions) and COINS rewards for UPI transactions made using the AU 0101 app. These rewards can be redeemed for various physical items and gadgets.

On the other hand, the NOMO No Missing Out Credit Card caters to individuals who may not qualify for unsecured credit cards due to lack of credit score, limited credit history, or absence of income proof. This card is secured against a Fixed Deposit (FD) and offers reward points on usage, along with benefits like airport lounge access and fuel surcharge waivers.

Agarwal emphasized that the AU 0101 Business App aims to be a comprehensive platform for proprietorships and MSMEs. It provides direct access to essential banking products and services needed to manage their operations effectively. The app supports various banking relationships and features like digital QR onboarding, instant QR settlements, and payment collections through Static/Dynamic QR and payment links.

This suite of products from AU SFB demonstrates the bank's commitment to innovation and customer convenience, offering a range of services that cater to both individual and business needs. With these launches, AU SFB continues to strengthen its position in the digital banking space.