SBI and IOCL launch a Co-branded Contactless RuPay Debit card

By Edil Corneille

India’s fuel retailer, IndianOil, has now teamed up with State Bank of India (SBI) to launch the SBI-IndianOil Co-branded RuPay Debit Card. The SBI-IndianOil Co-branded RuPay Debit Card was launched by Dinesh Kumar Khara, Chairman, SBI and Shrikant Madhav Vaidya, Chairman, IndianOil, in a virtual ceremony held today.

Khara said, “…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…Fuel cards are specially designed to save money every time an individual refills his vehicle with fuel. SBI aims to be the Banker to Digital India and has been at the forefront of all digital initiatives in the banking space. We are committed towards increasing the share of digital initiatives in products, services and transactions. 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.”

The SBI IndianOil Debit Card has been launched across India. A customer, anywhere in India, can get the card by visiting the SBI’s home branch. It is a contactless card and transactions up to INR 5,000 can be paid for with the tap of the card. Using it, cardholders can avail fuel benefits and loyalty points worth 0.75 per cent against the purchase of fuel at all retail outlets IndianOil fuel stations. There is no monthly limit for purchasing the fuel. Customers can also earn reward points for spends on dining, movies, grocery and utility bills. The reward points can similarly be redeemed for dining, movies, grocery and utility bills.

Vaidya said, “…This power-packed card is backed by the unparalleled reach of IndianOil and SBI across the country. It will be an ideal mode of payment for customers in the current pandemic situation to opt for cashless and hassle-free payment. With this new tie-up, IndianOil is happy to expand its presence in the fast-developing debit card ecosystem in India, with an aim to offer attractive rewards and benefits for our customers. IndianOil has been a pioneer in promoting cashless and digital transactions with more than 98% of our vast network of 30,000 fuel stations capable of accepting credit/debit card/wallet payments. This initiative will also promote digital payments, and is in alignment with the Government’s vision of a Digital India.”