Indian government-owned State Bank of India (SBI) has forged a partnership with Indian Oil (IOCL) to launch a co-branded contactless RuPay debit card.

The ‘SBI-Indian Oil RuPay Debit Card’ was launched in a virtual ceremony by SBI chairman Dinesh Kumar Khara and IOCL chairman Shrikant Madhav Vaidya.

Card features

The new co-branded card allows users to pay using a ‘Tap and Pay’ approach. They can conduct contactless transactions of up to INR5,000 ($68.15).

Customers can visit SBI’s home branch to apply for the new card, which can be issued anywhere in India.

The debit card comes without a monthly limit for purchasing fuel at the IOCL fuel stations.

Moreover, for every INR200 spent at the fuel stations, the cardholders will receive six reward points as well as loyalty points worth 0.75% against purchasing fuel.

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The reward points can also be earned for spending on dining, movies, grocery, and utility bills.

Customers can also redeem the earned points for these purchases, the bank said.

Comments

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 the purchase of fuel to the cardholders but also simplify the everyday purchases of customers with secure and convenient contactless payments.”

Vaidya added: “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.”