Serial tech entrepreneur Bhavin Turakhia is now betting big on Zeta, and adding to its earlier launch of meal vouchers, the digital payments platform company is to launch a secure payment card.
The company will launch its Zeta Super Card, a secure payment system, on Thursday, marking its foray into the business-to-customer space.
The Super Card comes with anti-fraud security measures such as geo-tagging, dynamic PIN and location shield for authenticating payments.
“So far Zeta was a business-to-business product only. 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 Bhavin Turakhia told
“In our opinion, all existing mechanisms are not secure at all. So in Zeta, we have built four security mechanisms,” Turakhia added.
The MasterCard-powered card can be applied through the Zeta App (which has to be downloaded) or Zeta website. RBL Bank is the issuer of the card, while Zeta is the technology provider. A user can begin using the card by transferring funds from their bank accounts or debit or credit card via Zeta App.
Anti-fraud measures
The Zeta Super Card, which can be linked to a user’s existing credit or debt cards, comes with a SuperPIN that replaces the static four-digit PIN and SMS-based one-time password with a dynamic six-digit PIN. The PIN is 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 (the place of the card being used) and the place where PIN is the been generated. In case of a mismatch, the transaction is blocked.
Also the card can be turned off from the phone from the App, disabling its use. Users can also authorise online payments using a swipe action on the App, a feature that does away with the need to punch in an SMS-dependant OTP.
“All these provide added security to the user,” Turakhia added.
“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,” he added.
In August, serial entrepreneur brothers - Bhavin and his younger sibling Divyank – sold off Media.net, an ad-technology company they founded in 2010 with personal investments, to Chinese investors for a whopping $900 million. This was touted as the biggest acquisition in advertising tech industry.