MUMBAI: IndiaPost will
soon issue debit cards to its 1.5 crore account holders with the
Department of Post signing a Rs 30 crore deal with CMS Info System
to supply Rupay enabled cards. The Department of Post (DOP) has over 10
crore account holders in India, and has already begun deploying ATMs
across the country in aphased manner.
The personalized debit cards for DOP will be issued on the NPCI platform and their usage would initially only be on ATMs installed at DOP branches, as a closed loop environment. The cards can later be used on other ATMs with Rupay affiliation. These cards will initially be of the magstripe variant, with the option of EMV being available to the account holders after a set period of time.
"This deal will power issuance of personalized cards to complement IndiaPost's ATM deployment plans over a three-year period. We expect this to benefit people using teller facilities at the branches, as they can now begin to use these cards for more convenient cash withdrawals," said Mokam Singh Matta, Head of Card Business, CMS Info System. In addition to financial cards, CMS also personalizes Smart Cards which are being increasingly used in large scale government projects, including National ID, Rashtriya Swasthya Bima Yojana (RSBY), Mahatma Gandhi National Rural Employment Guarantee Act (MNREGA) and Employee's State Insurance Corporation (ESIC). Some of these form a critical backbone for financial inclusion projects in the country, he said.
The personalized debit cards for DOP will be issued on the NPCI platform and their usage would initially only be on ATMs installed at DOP branches, as a closed loop environment. The cards can later be used on other ATMs with Rupay affiliation. These cards will initially be of the magstripe variant, with the option of EMV being available to the account holders after a set period of time.
"This deal will power issuance of personalized cards to complement IndiaPost's ATM deployment plans over a three-year period. We expect this to benefit people using teller facilities at the branches, as they can now begin to use these cards for more convenient cash withdrawals," said Mokam Singh Matta, Head of Card Business, CMS Info System. In addition to financial cards, CMS also personalizes Smart Cards which are being increasingly used in large scale government projects, including National ID, Rashtriya Swasthya Bima Yojana (RSBY), Mahatma Gandhi National Rural Employment Guarantee Act (MNREGA) and Employee's State Insurance Corporation (ESIC). Some of these form a critical backbone for financial inclusion projects in the country, he said.
IndiaPost
which is a large mobiliser of deposits is currently awaiting approval
from Reserve Bank of India to set up the Postbank of India. The
government department, which has the largest financial services
distribution network across the country, is presently running a large
deficit on postal services. With traditional mail services on a decline
due to electronic communication, the department is looking for
opportunity in logisitics and financial services.
The department has already embarked on deploying core banking solutions which will make it easier for customers to get service outside their home branch.
The department has already embarked on deploying core banking solutions which will make it easier for customers to get service outside their home branch.
Courtesy:-http://timesofindia.indiatimes.com
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