India's largest lender State Bank of India (SBI) and 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.
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.
Redeem reward points can be earned 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. 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."
Vaidya said, "The initiative will promote digital payments, and is in alignment with the Government’s vision of a Digital India."
He further said, "It will be an ideal mode of payment for customers in the current pandemic situation to opt for cashless and hassle-free payment."
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