Are you HDFC Bank account holder? Then this news will make your day. Indian one of the largest private lender HDFC Bank on Wednesday launched co-branded fuel credit card for users from non-metro cities. HDFC Bank-Indian Oil partnership's co-branded fuel card is for users from non-metro cities and towns, which will be available on both RuPay and Visa platforms.
The card offers users the highest rewards and benefits on fuel consumption and will be available on both RuPay and Visa platforms.
The card was launched at an event here by IOCL's Executive Director (Retail Sales) Vigyan Kumar and HDFC bank's Country Head, Payments Business and Marketing, Parag Rao.
All about HDFC fuel credit card:
HDFC fuel credit card users will earn reward points known as 'fuel points' at over 27,000 IOCL outlets. Interestingly, they will also earn 'fuel points' on all other spends such as groceries, bill payments, utilities and other shopping. These points can be redeemed for up to 50 litres of fuel annually.
50 litres free fuel:
· Unmatched fuel benefits; up to 50 litres free annually
· Available on RuPay and Visa networks
How to Apply:
To apply for the card, the customers can visit the bank website or walk into the nearest bank branch.
The card has been also launched across 135 Indian oil outlets in Bhopal, Lucknow, Indore, Ranchi, Kochi, Vishakapatnam, Guwahati, Nagpur, Shillong, Varanasi, Jalandhar and Panjim, among others.
"In fact, more than 27 per cent of all transactions at our petrol stations are through various digital modes. We are confident that this collaboration with HDFC Bank today shall give a boost to digital payments and cashless transactions in the country, in line with the Digital India vision of the prime minister," Vigyan Kumar said.
Parag Rao said it is their endeavour to take digital forms of payments to the smaller towns and cities.
He said fuel consumption in India is rising and smaller cities and towns are major drivers of this growth.
"With more than 75 per cent of our total branch network in such non-metro cities, we want to empower our customers in these locations by providing a product that is specifically designed for their changing needs and aspirations," he said.
Rao, who is the brain behind this card, said, "Our philosophy in terms of offering products across HDFC Bank is very simple. We try to see the primary top two needs of an individual and try to design a product which is focused on these needs of the customer."
"Also, one of our and IOC's objectives in launching this card is to assist in this whole digital mission of saying how do you reduce cash. We have a lot of other initiatives with IOC in terms of digitisation.
"Simultaneously, as a bank, we are also expanding our merchant network everywhere so that a merchant in the rural area, either through a POS (a point of sale machine, which is an electronic device used to process card payments) machine or an app, we have a merchant app, could start accepting digital payments, which could be a card, other wallets etc".
"In India, the penetration of electronic spends at the customer level, I am not talking of institutions and businesses, is only about 10-12 per cent, rest is still cash and cheque, so we have got a lot of space to grow...," Rao said.
(With PTI inputs)