AU Small Finance Bank launched Credit Cards with Exclusive Features

India’s largest SFB – AU Small Finance Bank (AU SFB) has expanded its range of financial solutions by introducing cutting-edge products designed to improve its customer experience.

AU Small Finance Bank (AU SFB) has launched a number of financial products to enhance customer experience, including two credit cards – AU SPONT Rupay Credit Card and Secured Credit Card – NOMO (No Missing Out) on April 23.

Among the latest offerings are two innovative credit cards: the AU SPONT Rupay Credit Card and Secured Credit Card – NOMO (No Missing Out), developed in collaboration with NPCI and VISA, respectively.

The NOMO Credit Card is AU SFB’s first secured credit card, backed by a fixed deposit. Additionally, AU SFB has unveiled the AU 0101 Business App, designed to offer customized solutions for proprietorships and MSMEs, alongside AU0101 Version 2.0, engineered to provide customers with an enhanced mobile banking experience, complete with exciting new features.

For the first time in the Indian banking industry, AU SFB has launched ATM Insurance, allowing consumers to purchase insurance using their debit cards at AU SFB ATMs. The insurance journey on ATM is an industry-first invention, hence AU SFB has patented this procedure before launching its first ATM insurance in March 2024.

Not only that, but AU SFB has also launched WhatsApp Insurance, which allows customers to receive a policy right away via the WhatsApp platform. AU SFB has applied for a patent in April 2024.

The AU SPONT Rupay Credit Card allows customers to easily link the card to their preferred UPI-enabled application, allowing for quick payments via the UPI Scan and Pay feature. This card is designed for consumers of all income levels who make regular UPI transactions, whether with e-commerce or POS merchants. It gives 1% cashback on all transaction types (except certain categories) and COINS rewards for UPI transactions done using the AU 0101 app. These rewards are redeemable for a range of physical gifts and gadgets.

On the other hand, the NOMO (No Missing Out) Credit Card is AU SFB’s first Secured Credit Card, backed by a Fixed Deposit (FD). The NOMO credit card is designed for users who may not meet the criteria for unsecured credit cards due to factors such as a lack of a credit score, a limited credit history, or a lack of income proof. It offers reward points for card usage as well as additional benefits such as airport lounge access and fuel surcharge waivers.

The AU 0101 Business App will serve as a one-stop shop for proprietorships and MSMEs, providing direct access to banking products and value-added services necessary for running and managing their businesses. With the AU 0101 Business App’s support, business customers can seamlessly navigate through various banking relationships, including current accounts, savings accounts, deposits, loans, and credit cards. This includes digital QR onboarding, instant QR settlements, payment collections via Static QR/Dynamic QR, and payment links.

AU 0101 Version 2.0 is a substantial enhancement to the bank’s mobile banking software, which has seen a 7X rise in users since its launch in June 2021. Having facilitated nearly 50 million financial and nonfinancial transactions in FY 2023-24, the app boasts over 3 million registered users who are poised to benefit from an enriched customer experience. This includes improved app performance, heightened customer engagement, and the delivery of tailored products and services.

Sanjay Agarwal, Founder, MD, and CEO of AU Small Finance Bank stated, “Whether it’s seamless UPI transactions, secure credit access, or purchasing insurance via ATMs or WhatsApp, our goal is to provide solutions that improve our customers’ lives. We are excited to launch these solutions and continue our mission of providing customer-friendly banking experiences.”