India Post account holders to get personalised debit cards

322

1433330810_indiapostdebitcard013062015India’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.

The Banking & Finance Post is an initiative of Elets Technomedia Pvt Ltd, existing since 2003.
Now, Elets' YouTube channel, a treasure of premier innovation-oriented knowledge-conferences and awards, is also active. To Subscribe Free, Click Here.

Get a chance to meet the Who's who of the BFSI industry. Join Us for 3rd Elets BFSI Leadership Summit, Mumbai and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.