The Business Bytes
TBB BUREAU
MUMBAI, JANUARY 8, 2021
Raising the bar with newer offerings for the customers in the New Year, India’s largest lender State Bank of India (SBI) and country’s largest fuel retailer Indian Oil Corporation Limited (IOCL) launched co-branded contactless Rupay debit card.
SBI Chairman Dinesh Kumar Khara and IndianOil Chairman Shrikant Madhav Vaidya launched the SBI-Indian Oil RuPay Debit Card in a virtual ceremony held on Thursday.
There will be six reward points for Rs 200 spent at Indian Oil fuel station every time and loyalty points worth 0.75 percent against the purchase of fuel are the features of the card across India.
Reward points can be earned and redeemed on spending for dining, movies, grocery and utility bills by the customers.
The RuPay Debit Card can be issued anywhere in India with no monthly limit for purchasing fuel. Customers can visit SBI’s home branch to apply for this card.
With a tap through the contactless card, transactions up to Rs 5000 can be paid for.
“We believe this Co-branded Card, with ‘Tap and Pay’ technology, several attractive benefits and associated offers, would not only provide a rewarding experience on purchase of fuel to the cardholders, but also simplify the everyday purchases of customers with secure and convenient contactless payments,” said SBI Chairman Khara.
This tie-up with IndianOil is one such initiative which will reward all the cardholders of SBI-Indian Oil Co-branded Debit Card with enhanced loyalty points, he added.
Speaking on the occasion, IndianOil Chairman Vaidya said, “The initiative will promote digital payments, and is in alignment with the Government’s vision of a Digital India.”
“It will be an ideal mode of payment for customers in the current pandemic situation to opt for cashless and hassle-free payment,” he added.
