Department of Post has signed a deal with CMS Info Systems to personalise over 15 million debit cards for India Post savings account holders. The deal, valued at Rs 30 crores, is estimated to be completed in the next three years. These debit cards will be Rupay enabled.
The postal department currently covers a base of approximately 100 million account holders in India, and is in the midst of a phased deployment of ATMs across the country, to better its service.
The cards will be issued on the NPCI platform and their usage would initially be limited only to ATMs installed at post office 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.