India’s leading cash management and payments solutions company, CMS Info Systems has signed a contract with the Department of Post to personalise more than 15 million debit cards for India Post savings account holders. The deal is worth Rs 30 crores and is estimated to complete in the next three years. Further, these debit cards will be RuPay enabled.
At present, the Postal Department covers around 100 million account holders in India, and is in the middle of a phased deployment of ATMs across the country, to better its service.
The cards will be issued on the National Payments Corporation of India (NPCI) platform and their usage would initially be limited only to ATMs installed at post office branches, as a closed loop environment. Later, the cards can be used on other ATMs with RuPay affiliation.
At first, these cards will be of the magstripe variant, with the option of Europay, Master Card and Visa (EMV) and will then be available to the account holders after a set period of time.