Several Founders, Co-Founders, CXO Bankers, CXO Fintech professional & people who participated in the ePanel discussions:
- Mr. Raunak Raheja, Head of India CBT Exports, eBay
- Mr. Tanya Naik, former Director, Payments, PayPal Payments Private Limited
- Mr. Ruchir Inamdar, Strategist, Jumper.ai
- Mr. Prashant Sinha, General Manager-Banking, India Transact Services Limited
- Mr. Raghu Veer Dendukuri, Founder, Ideal Nation, and Solution Architect at Invincible Tech Systems Inc.
- Mr. Hitesh Thakkar, Fintech Consultant, Self-Service Automation
- Mr. Ruchit Jangid, Former Business Head, SOTC Travel Ltd
- Mr. Vikas R Panditrao, Co-Founder, Forum of Industry and Academic Knowledge Sharing (FIAKS)
- Many other CEO/CXO Bankers & Fintech professionals on FIAKS Forum requested to remain anonymous
Globally the world is facing growing environmental challenges and thus comes in Sustainable Finance which is gaining more and more importance for the lasting benefits of business and society. Well, the banking sector also seems to be moving towards sustainable banking wherein environmental, social, and governance (ESG) criteria are integrated into banking.
Now check out various initiatives taken up by several companies to go greener from biodegradable green credit cards to wooden cards to cards made from animal feed corn. But what about increasing the validity of the same card and hence reduce the usage of any material being used, this might serve the purpose!
- With contactless transactions and cards, not present transactions increasing over the ones where cards get the wear and tear, why not investing in increasing the expiry date of the same card and issue new only if a customer asks for it? Basically, increasing the validity of the same card and hence reduce the usage of any material being used.
- That’s the exact way it should be. Inform customer about extended validity or even allow the customer to set validity in the system and it works! Anyhow physical printing is just vanity, data, and value in system matter.
- A member mentioned, “StanChart had enabled on its ATM to collect expired cards as it needs configurations to change at switch level to capture expired card rather than give back to customers. They collect all such cards and sent them back to the card vendor to recycle. That was a genuine use case seen. of course, business cases refer to offset carbon credit for collecting those cards let’s say 500 each month.”
- Another member mentions, “During the period of lockdown in April my Amex card got expired. With no courier service, I could not get the new card. When I called to check with the Amex team I was informed that they had extended the expiry date at the back end. I am still using the old card.”
- Whilst on the other hand a member feels card expiry is meaningless and old fashion no one has challenged. It has become off late. He states, “I have changed my address and incidentally, my credit card (issued by leading private bank which is too big to fail)also got expired and when they failed to deliver they have sent me a message to reach customer care and from March to Oct whenever I was trying to reach customer care they made me listen to only one message we are having less staffing please visit the website. It was an endless loop because on the website I couldn’t log in because I don’t have a new card and it tells me to reach customer care. For 8 months I haven’t used the physical card I realized only schedule bill payments kept me alive with the bank otherwise with the expiry logic my 15-year-old relationship with bank would have expired with the card expiry date. Why keep such an archaic process and logic of expiry date? If you tell me it will be required for online payment processing, etc logic then now since you have 2FA (two-factor authentication) only card number is required rest putting expiry date and CVV to some extent is not making value in the process.”
- Card tokens would effectively solve for this, auto-renewed and never expired cards!
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