Publish Date: | Mon, 13 Jun 2022 10:05 AM (IST)
Axis Bank and Indian Oil Corporation Limited (IOCL) in partnership with National Payments Corporation of India (NPCI) have announced the launch of a co-branded contactless IndianOil Axis Bank RuPay credit card. Surcharge waivers and cashback on fuel expenses can be availed at fuel outlets through this card. Apart from this, the credit card also offers customers a host of other benefits on daily transactions, including instant reward points, instant discount on movie tickets and dining at partner restaurants.
As an onboarding gift, users of this card will be entitled to 100% cashback up to Rs.250 on all fuel expenses within the first 30 days of card issuance. It will also offer surcharge waiver of 1 per cent on fuel expenditure between Rs 200 and Rs 5000 and reward points of 4 per cent for every Rs 100 spent on fuel at IndianOil fuel outlets.
Indian Oil Axis Bank RuPay Credit Card users will get 10 percent instant discount for movie tickets booked through BookMyShow website or app, 20 percent off at partner restaurants, every time spent on online shopping, groceries, utility payments There will be a reward of 1 percent for Rs.100. There will also be 1 reward point for every Rs 100 spent on all other expenses. There is also an additional facility of annual fee waiver if the cardholder spends more than Rs 50,000 in a year. The card also offers customers loyalty points in the form of 1 Edge Reward Point for every Rs.100 spent with the card.
Elaborating on the partnership, Mr. V Satish Kumar, Director (Marketing), IndianOil said, “With this partnership, IndianOil is taking another concrete step towards Digital India, as our Honorable Principal The minister had conceived. At IndianOil, it has always been our priority to enhance the value propositions and experiences associated with our customers, and I am confident that this association with Axis Bank and RuPay will further enhance and strengthen our customer services. The on-the-go feature will help us unlock the digital potential amidst low value transactions in the 2 and 3 wheeler segment. We are confident that we will be able to penetrate deeper than ever before into new growth centers outside metros, in tier 2/3 cities and beyond.”
Commenting on the launch of the co-branded RuPay contactless credit card, Sanjeev Moghe, President & Head – Cards & Payments Payments, Axis Bank said, “We are committed to providing customers with innovative solutions to meet their changing needs and provide greater convenience. And continuously working to launch innovative products. We are constantly working on such a partnership model with a specially designed value proposition to drive innovation and maximize benefits for our customers. In this endeavour, we are delighted to collaborate with NPCI and launch RuPay on our credit card network. The Axis Bank and Indian Oil co-branded RuPay contactless credit card has one of our best-in-class offers on the network. One of the most rewarding credit cards in its segment, the co-branded card will offer exclusive benefits and rewards that will be loved by customers across India.
Commenting on the launch, Ms. Praveena Rai, COO, NPCI said, “We are co-branded RuPay Contactless in partnership with Axis Bank, one of the largest private sector banks in India and IndianOil, India’s leading national oil company. We are pleased to launch the Credit Card. With credit cards, we aim to offer innovative as well as customized benefits on cards backed by state-of-the-art technology to provide a secure and rewarding experience to millions of customers. Through this strategic partnership, we will continue to work to make a difference in the lives of our customers. We are glad that RuPay has established itself as a trendy, contemporary and young brand and we are confident that this launch is a step forward in making RuPay the preferred credit card for India.
Customers can apply for the card either physically or digitally.
About Indian Oil Corporation Limited:
About Indian Oil Corporation Limited:
IndianOil is a diversified, integrated energy major with presence in almost all the streams of oil, gas, petrochemicals, and alternative energy sources. With a net profit of Rs. 24,184 crores for the fiscal 2021-22, IndianOil is one of the largest and most trusted corporates in the country, touching the lives of over a billion Indians. With a 33,500-plus workforce, extensive refining, distribution & marketing infrastructure, and advanced R&D facilities, IndianOil has provided energy access to millions of people across the length and breadth of the country through its ever-expanding network of customer touchpoints, currently numbering over 50,000.
About Axis Bank:
Axis Bank is the third largest private sector bank in India. Axis Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses. With its 4,758 domestic branches (including extension counters) and 10,990 ATMs across the country as on 31st March 2022, the network of Axis Bank spreads across 2,702 cities and towns, enabling the Bank to reach out to a large cross-section of customers with an array of products and services. The Axis Group includes Axis Mutual Fund, Axis Securities Ltd., Axis Finance, Axis Trustee, Axis Capital, A.TReDS Ltd., Freecharge and Axis Bank Foundation.
For further information on Axis Bank, please refer to the website: https://www.axisbank.com
About NPCI
National Payments Corporation of India (NPCI) was incorporated in 2008 as an umbrella organization for operating retail payments and settlement systems in India. NPCI has created a robust payment and settlement infrastructure in the country. It has changed the way payments are made in India through a bouquet of retail payment products such as RuPay card, Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for Money (BHIM), BHIM Aadhaar, National Electronic Toll Collection (NETC Fastag) and Bharat BillPay. NPCI is focused on bringing innovations in the retail payment systems through the use of technology and is relentlessly working to transform India into a digital economy. It is facilitating secure payments solutions with nationwide accessibility at minimal cost in furtherance of India’s aspiration to be a fully digital society. For more information, visit:
Posted By: Arvind Dubey