Cash management and payments solutions company CMS Info Systems has signed a deal with the Department of Post (DoP) to personalize over 15 million debit cards for India Post savings account holders, it was announced on Wednesday.
“The deal, valued at Rs.30 crore, is estimated to be completed in the next three years,” an official statement said.
At present, the DoP covers a base of around 100 million account holders in India and is in the midst of a phased deployment of ATMs across the country to better service its customers.
To facilitate production of personalized debit cards that can be used at these ATMs, DoP has selected CMS Info Systems to supply Rupay-enabled cards.
“Our latest deal with DoP will power issuance of personalized cards to complement their ATM deployment plans over a three-year period,” said Mokam Singh Matta, head of card business, CMS Info Systems.
The personalized debit cards for DoP will be issued on the National Payments Corporation of India (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, it added.
CMS Info Systems is India’s largest Cash Management and Payment Solutions firm, and the world’s fifth largest ATM Cash Management company. With a network spanning over 100,000 ATMs and retail outlets, and managing well over 50 percent of all cash in circulation in India, CMS’s main clients include all top banks, financial institutions like LIC and top retail chains.