City Union Bank (CUB), an Indian private sector bank headquartered in Tamil Nadu, has launched its first credit card via Pismo client and cards-as-a-service provider 42 Card Solutions (42 CS).
42 CS utilised the Pismo cloud-native card management platform to provide end-to-end card processing services.
CUB will launch its new credit card in a trial run for employees, with 30,000 active cards deployed by March 2023. CUB’s existing customers will be given priority as the card rolls out for the public.
The card will appear on the Visa Platinum network and 42 CS in discussions with the National Payments Corporation of India (NPCI) to integrate the card into the Unified Payments Interface (UPI) platform.
42 CS has set up a multi-tenancy card management programme with Pismo, upon which multiple card schemes can be set up and deployed.
News of the launch has already made headlines in major Indian publications The Hindu Business Line and The Times of India.
“India is one of the most exciting markets of our time, and I couldn’t be more pleased to see our impact grow,” says Vishal Dalal, Pismo CEO for North America, EMEA, and APAC.
“As our first implementation in the APAC region, this partnership marks another success in our global expansion story. We are equally humbled and proud to be participating in India’s world-class payment infrastructure and look forward to many more milestones to come.”
“Backed by the end-to-end credit card processing capabilities and technology of 42 CS and Pismo, we can now introduce newer payment methods and features to our customers with ease,” says CUB Managing Director and CEO, Dr N Kamakodi.
He adds: “With our focus on providing the best offerings for our customers, we believe that this new product in the bank’s portfolio will benefit many customers in the long run. We expect this new programme to benefit over 500,000 customers.”
