Dubai Financial Market (DFM) has introduced a new mobile application, which will enable users of its iVESTOR debit card to have control over their card transactions.
The new Card Control solution enables cardholders to monitor the supplementary cards they provide to their dependents. Notably, the supervision can be done without contacting a call centre.
Through the application, cardholders can activate as well as de-activate the card on-demand. They can also auto-disable the card at a specified time.
Furthermore, they can set a limit on cash withdrawal and limit use of the card to certain categories and countries.
DFM COO and head of operations division Hassan Al Serkal said: “DFM’s strategy focuses on development and innovation. This has been the case with us since inception as we constantly endeavour to employ technological advancements in order to provide market participants with seamless and innovative solutions.
“Through its history, DFM has introduced numerous innovative solutions such as the iVESTOR card, which is one of the main tools for DFM’s leading dividend distribution service.”
The solution has been developed by DFM’s in-house team, in partnership with payments firm Network International.
It can be accessed via DFM’s smart services application. To log in, users have to use the user name and password for DFM eServices.
For an extra security layer, users can also make use of touch ID and face recognition.
Network International group CEO Simon Haslam said: “Enabling customers to control transactions at their fingertips, across all card types and schemes, offers them greater security and peace of mind, in addition to reducing dispute processing and customer service traffic for issuers.”