Axis Bank and Indian Oil launch co-branded RuPay Contactless credit card
- Axis Bank partners with RuPay to offer credit cards. This marks the beginning of a strategic partnership between one of the country’s leading private banks and India’s Indigenous card scheme.
- Get 100% cashback up to INR 250 on all fuel spends within the first 30 days of card issuance
- Waiver of 1% fuel surcharge on fuel spends between INR 200 to INR 5000
Mumbai, 07 June 2022: 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. Apart from a surcharge waiver at fuel outlets and cashback on fuel spends, the credit card comes with a host of other benefits on everyday transactions through accelerated reward points, instant discount on movie tickets, and dining delights at partner restaurants.
As an onboarding gift, users of this card will be entitled to 100% cashback up to INR 250 on all fuel spends within the first 30 days of issuing of the card. It will also provide a surcharge waiver of 1% on fuel spends between INR 200 to INR 5000 and reward points worth 4% for every INR 100 spent on fuel at IndianOil fuel outlets.
INDIANOIL AXIS BANK RuPay Credit Card users will also get a 10% instant discount for movie tickets booked via BookMyShow website or app, 20% discount at partner restaurants, reward points worth 1% for every INR 100 spent on online shopping, groceries, utility payments, and 1 reward point for every INR 100 spent on all other expenses. There is also an additional feature of an annual fee waiver if the cardholder spends over INR 50,000 in a year. The card also offers customers loyalty points in the form of 1 EDGE REWARD point on every INR 100 spent with the card.
Elaborating on the partnership, Mr. V Satish Kumar, Director (Marketing), IndianOil said, “With this partnership, IndianOil is taking yet another concrete step towards Digital India, as envisioned by our Hon’ble Prime Minister. Bettering our customer value propositions and experiences has always been a priority for us at IndianOil, and I am confident that this collaboration with AXIS BANK and RuPay will add value to our customer services. The on-the-go feature will help us unlock the digital potential among low-value transactions in the 2&3 wheelers segm ent. We are sure that we will be able to penetrate deeper into the new growth centers – outside of metros, in the Tier 2/3 cities, and beyond.”
Commenting on the launch, Sanjeev Moghe, President & Head, Cards and Payments, Axis Bank said, ‘We have been continuously working on innovation-led partnership models to offer customers a value proposition speci fically designed to cater to their changing needs and deliver greater convenience and more benefits. In this eff ort, we are delighted to have collaborated with NPCI and launched Rupay on our Credit Cards network. INDIA NOIL AXIS BANK Credit Card, one of our best offerings has been introduced 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 appeal to customers across India.”
Speaking at the launch, Ms. Praveena Rai, COO, NPCI said, “We are delighted to partner with Axis Bank – one of the largest private sector banks in India, and IndianOil – India’s flagship national oil company for the launch of IN DIANOIL AXIS BANK RuPay Credit Card. With RuPay, we aim to offer innovative as well as customized ben efits on the card backed by cutting-edge technology to provide a safe and rewarding experience to millions of custo m ers. Together through this strategic partnership, we will continue to work to make a difference in the lives of our customers. We are glad to witness RuPay progressively establishing itself as a modern, contempor ary and you thful brand and we are confident that this launch is a step ahead to make RuPay the preferred credit card for In dia.”
Customers can apply for the card physically or digitally.
About Indian Oil Corporation Limited:
IndianOil is a diversified, integrated energy major with presence in almost all the streams of oil, gas, petroche mi cals, and alternative energy sources. With a net profit of Rs. 24,184 crores for the fiscal 2021-22, IndianOil is one the largest and most trusted corporates in the country, touching the lives of over a billion Indians. With a 33,50 0-plus workforce, extensive refining, distribution & marketing infrastructure, and advanced R&D facilities, Indi anOil 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 Ban k offers the entire spectrum of services to cu stomer segments cov ering Large and Mid-Corporates, SME, Agriculture and Retail Bus inesses. With its 4,758 do mestic branches (including extension co unters) and 10,990 ATMs across the country as on 31st March 20 22, the network of Axis Bank spreads across 2,702 cities and tow ns, enabling the Bank to reach out to a large cross-sec tion of custo mers with an array of products and services. The Axis Group inclu des Axis Mutual Fund, Axis Sec urities Ltd., Axis Finance, Axis Trus tee, Axis Capital, A.TReDS Ltd., Freecharge and Axis Bank Foun da tion.
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 oper ating retail payments and settlement systems in India. NPCI has created a robust payment and settlement infr astructure in the country. It has changed the way payments are made in India through a bouquet of retail paym ent 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 Bill Pay. 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: https://www.npci.org.in/
