CUB forays into credit card biz with 42 Card Solutions pact

KUMBAKONAM: City Union Bank (CUB), a private sector bank in the country, has announced the roll-out of its first-ever credit card, the Dhi CUB Visa Signature Credit Card, launched in partnership with credit cards-as-a-service provider 42 Card Solutions Pvt Ltd (42 CS), as a part of its portfolio offerings for its customers from February 2023.

Through this partnership, 42 CS will manage the credit card processing services for CUB by leveraging a cloud-native card management system from Brazilian technology company, Pismo. The bank has initially issued credit cards to its employees as part of the trial run and plans to have around 30,000 active cards by the end of March 2023.

The first priority to avail the new credit card will be given to CUB’s existing customers over new-to-credit customers. The bank’s existing customers can log onto the CUB mobile app to apply for the card.

N Kamakodi, MD-CEO, CUB, said, “This marks CUB’s entry into the credit card market. We expect this new card programme to benefit roughly over 5,00,000 customers.”

GG Srinivas, co-founder-CEO, 42 Card Solutions, added, “With over 90% of the card transacting population in India not having access to credit cards despite the credit card industry being 40 years old, we are glad to bring our robust system that can help banks introduce credit card programmes seamlessly.”