SBI, IOCL announces contactless RuPay debit card

State Bank of India (SBI) and Indian Oil Corporation Limited (IOCL) announced the launch of co-branded contactless Rupay debit card.

Customers can earn and redeem reward points on spending for dining, movies, grocery and utility bills. With no monthly limit for purchasing fuel, the RuPay Debit Card can be issued anywhere in India. The card can be applied for by visiting SBI’s home branch.

Transactions up to ₹5000 can be paid for with a tap through the contactless card. "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," Dinesh Kumar Khara, chairman, SBI said.

This tie-up between the country’s largest companies in their respective field will provide an opportunity to customers with an enriched card and enhanced loyalty points, he added.

The initiative will promote digital payments, and is in alignment with the Government’s vision of a Digital India, said Shrikant Madhav Vaidya, chairman, IndianOil.

"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 further.

The co branded countless SBI-IndianOil RuPay Debit Card was launched in a virtual ceremony by Dinesh Kumar Khara, chairman, SBI and Shrikant Madhav Vaidya, chairman, IndianOil.