CURRENT AFFAIRS

Detailed explanation-1: -Private sector lender City Union Bank (CUB), in collaboration with the National Payments Corporation of India (NPCI) and manufacturing partner Seshaasai, has unveiled ‘On-the-Go’ contactless wearable keychains for debit cards.

Detailed explanation-2: -CUB Keychain Debit card Transact contactless with keychain at any RuPay enabled PoS (point of sales) devices. Hold the keychain in front of the PoS device during payment, similar to tapping the card on PoS. The Keychain debit card is Secure and Tamper Proof. Will cease to work if tampered.

Detailed explanation-3: -The first card - ICICI Bank Coral RuPay Credit Card - is a contactless card to provide users with numerous benefits of reward points on daily purchases such as shopping, utility bills, complimentary domestic airport and railway lounge access, discounts on movie tickets and dining, among others.

Detailed explanation-4: -Additionally, NPCI, in collaboration with Kotak Mahindra Bank, launched specially designed RuPay credit cards for the Indian Armed Forces on 28 October 2021. BOB Financial and NPCI partnered to launch Bank of Baroda RuPay and JCB co-branded international credit card on 16 November 2021.

Detailed explanation-5: -City Union Bank, the oldest Private Sector Bank in India, in association with smart-tech-enabled preventive healthcare platform GOQii and powered by National Payments Corporation of India (NPCI), has launched a wearable payment solution called CUB fitness watch debit card.