Indian Oil taps Fiserv for payment solutions

Indian Oil Corporation has partnered with Fiserv, a provider of payments and financial services technology solutions, to enhance payment experiences and streamline its operations.
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Indian Oil customers can pay with their choice of multiple payment platforms through smart POS terminals deployed at over 15,000 Indian Oil retail fuel outlets, redeem loyalty points, and reduce their wait time at the fuel outlet.

Indian Oil will use the Carat operating system from Fiserv for processing of debit cards, credit cards, FASTag-enabled payments, QR payments, Unified Payments Interface (UPI) instant real-time payments, and digital wallets.

Indian Oil outlets are seamlessly connected with Fiserv for acceptance of digital payments and Indian Oil loyalty schemes, XTRAREWARDS and XTRAPOWER, enabling customers to redeem loyalty points for fuel purchases. This integration will benefit Indian Oil with advanced analytics and reporting, and efficient and precise reconciliation.