Security and Risk Online: Fintech firm Zeta launches card with anti-fraud measures
MUMBAI, NOVEMBER 24: Serial tech entrepreneur Bhavin Turakhia is now betting big on his latest venture Zeta. Having earlier facilitated exchange of meal vouchers through its app, the digital payments company on Thursday launched a secure payment card, Zeta Super Card, marking its foray into the B2C space. More
The card comes with anti-fraud security measures such as geo-tagging, dynamic PIN and location shield for authenticating payments.
“So far, Zeta has been a B2B product. With this launch, we intend to offer a mechanism of digital transaction that is 10 times more secure than any other mode available today,” Zeta co-founder and CEO Turakhia told BusinessLine.
“We have built four security mechanisms in Zeta.”
The MasterCard-powered card can be applied for through the company’s app or website. RBL Bank is the issuer of the card, while Zeta is the technology provider. A customer can begin using the card by transferring funds from their bank accounts or debit/credit card via the Zeta app.
The card, which can be linked to a user’s existing credit/debit cards, comes with a SuperPIN that replaces the static four-digit pin and the SMS-based one-time password with a dynamic six-digit pin, generated on the app for every transaction.
Further, it also comes with a location shield. Using geo-tagging, Zeta tracks and matches the location of the transaction and the place where the pin is generated. In case of a mismatch, the transaction is blocked.
Also, the card can be disabled using the app. Users can also authorise online payments using a swipe action on the app, doing away with the need to punch in an SMS-dependant OTP.
“All these provide added security to the user,” Turakhia said.
“With India’s digital payments industry expected to touch $500 billion by 2020, it is essential that card payment systems offer completely secure methods to safeguard users from all possible threats.”
In August, Bhavin and his younger sibling Divyank sold Media.net, an ad-technology company they had founded in 2010 with personal investments, to Chinese investors for a whopping $900 million.
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