Atom Technologies, an India-based payments solutions provider, and Australian technology firm Tranwall have collaborated to introduce a new software tool, dubbed e-shield, to turn off/on debit and credit cards in the country.
The technology is expected to help cardholders in avoiding or reducing fraud by providing them with real-time transaction control and preventing duplication of card details.
The switch on/off is applicable for both local and international payment card transactions across all channels, including ATM, e-commerce and point-of-sale (POS) terminals.
e-shield can be used through a smartphone app or artificial Intelligence (AI)-powered services activated over both voice and chat.
Cardholders can also use the tool to choose their preferred real-time transactions, check balance and request a status update on cards and accounts, among others.
Smartphone users will be able to use the advanced transaction control service via their bank’s mobile app, while non-smartphone users can control through SMS and USSD.
According to Atom Technologies CEO Dewang Neralla, in addition to providing control for customers, e-shield will further help banks in reducing the costs incurred over security and protection of liability.