Imagine this scenario: You carry multiple credit and debit cards. You install an app on your mobile phone that lets you switch the cards on or off like a light bulb. This will ensure that your card is not misused online by someone else. By default you can use the e-shield app to ensure that no transaction goes through unless you wish it.
The technology from Australian company, Tranwall, has been brought to India by Mumbai-based payments player, Atom Technologies and customised for Indian regulations. Customers, can also request for a status update on cards and accounts, check balances and avail other benefits. Non smart phone users can control their transactions via SMS.
Very soon, individual banks are expected to roll out e-shield to their customers as a value added service offering an additional layer of protection for your bank cards.