CMS Info Systems, a cash management and payments solutions company has signed a Rs 30 crore contract with the Department of Post to personalise over 15 million debit cards for India Post Savings account holders.
The deal is estimated to be completed in the next three years. The Department of Post (DOP) presently 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 service their customers.
To facilitate production of personalised debit cards that can be used at these ATMs, CMS Info Systems has been selected by the DOP to supply Rupay enabled cards.
Commenting on the deal, Mokam Singh Matta, Head of Card Business, said “Our latest deal with DOP will power issuance of personalised cards to complement their ATM deployment plans over a three-year period. We expect this to benefit people using teller facilities at the DOP branches, as they can now begin to use these cards for more convenient cash withdrawals. As the leading player in Card Personalisation, CMS is proud to be associated with initiatives that help make financial services more accessible across India. In addition to financial cards, CMS also personalises 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.”
The personalised 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.