Dynamics and IndusInd Bank have launched an interactive electronic credit card with buttons in India, known as Nexxt Credit Card.
Image: IndusInd Bank Nexxt Credit Card. Photo: courtesy of Business Wire.
The card has electronic circuitry, a battery, and three buttons. You can interact with the buttons on the card to pay with credit, pay with points, or pay with installments. Each time a button is pressed, the card re-writes its magnetic stripe, EMV chip, and contactless chip so the selected payment type can be used in any type of payment terminal.
Any payment option can be used at any merchant point-of-sale. Merchants do not need any special point-of-sale equipment. When paying, merchants will not know the option you selected. Merchants will only see a credit transaction authorized by the bank. Accordingly, your payment options will be kept private and confidential from the merchant. You do not need to worry about the merchant knowing your payment details.
The Installment Option
You have four installment options when making a purchase. By pressing the installment button multiple times, you can select from a 6 month installment, 12 month installment, 18 month installment, or a 24 month installment.
Each installment option is written on the card next to a different light. Pressing the installment button once turns on the light for the 6 month installment option. Pressing the button twice turns on the light for the 12 month installment option (and so on).
The Rewards Option
You can pay for any purchase using your accrued rewards by pressing the rewards button on the card. To see your reward balance at any time, simply review your account on the internet or your mobile application.
The Credit Option
You can pay for any purchase with credit by pressing the credit button. This works just like your traditional credit card and is accepted anywhere Mastercard is accepted.
IndusInd Bank consumer banking head Sumant Kathpalia said: “We are pleased to announce the launch of the IndusInd Bank Nexxt Credit Card. With this card, our aim is to give the customer multiple options on how to make a payment using his or her Credit Card. The Power of Choice moves completely to the customer.
“For us, customer experience is the key touchstone, and our objective is to always elevate and enhance customer experience with our innovative products and service propositions.”
Dynamics CEO Jeff Mullen said: “India is one of the fastest and largest evolving payment markets in the world. And, the leadership at IndusInd Bank is leveraging innovation to better serve customers while deepening their business models and strategy.
“With the ability to pay with rewards and pay with credit, consumers can enjoy best-in-class loyalty functionality at any merchant in the world. With the ability to pay with installments, consumers can make smarter financial management choices at the point of sale. The IndusInd Bank Nexxt card is India’s first card that really lets a consumer pay the way they want to pay.”
IndusInd Bank marketing and retail unsecured assets EVP & head Anil Ramachandran said: “At IndusInd Bank, responsive innovation has been our mantra to design financial products that enhance customer empowerment and boost convenience for them.
“We are delighted to launch the IndusInd Bank Nexxt Credit Card, which redefines the payment experience for customers by giving them the freedom to choose their mode of payment at the Point of Sale. They now have convenience at the push of a button. It does not get simpler than this.”
Source: Company Press Release