Indian Oil and Kotak Mahindra Bank partner for co-branded card

The collaboration will offer customers an improved rewards programme every time they spend on fuel and additional cashback and rewards on non-fuel and frequent-spent categories, including groceries and dining.

The new card is one of the many ways through which the Indian Government is looking to raise awareness of a vision of Digital India, especially since around 98% of Indian Oil’s fuel stations now accept wallet, credit, and debit card payments. 

However, a recent FIS report shows that digital wallets represent the most preferred cashless payment method in India (45.4% of total transactions), as opposed to little over 13% for credit cards. And, although the country’s digitisation programme will most likely push cashless payments even further in the next years, credit card schemes are still to come up with improved reward systems to attract more customers.