Axis Bank, India’s third-largest private sector bank, today announced its partnership with Indian Oil Corporation Limited (IOCL) to launch a co-branded credit card for customers who prefer cashless and hassle-free payments. This partnership is an effort from Axis Bank and IOCL to expand their presence in the fast-developing credit card ecosystem in India, with an aim to offer attractive rewards and benefits for its customers.
The new co-branded credit card will offer exciting benefits like cashback up to INR 250 on fuel spends within the first 30 days of card issuance, 20x accelerated reward points on fuel spends at IOCL outlets and waiver of fuel surcharge. Additionally, customers can avail benefits like 5x accelerated reward points on online shopping, 10% instant discount on movie ticket bookings via BookMyShow, while also earning edge points for every spends.
Speaking on the occasion, Mr Vigyan Kumar, Executive Director (Retail Sales), IndianOil Corporation Limited, said, “IndianOil has been a pioneer in promoting cashless and digital transactions with more than 98% of our vast network of 27,000+ retail outlets capable of accepting Credit/Debit Card payments. The tie-up with Axis Bank for a co-branded credit card will usher a relationship amongst the two commercial conglomerates, and enhance customer convenience in Tier-II and Tier-III cities. This initiative will promote digital payments, working towards the Government’s vision of a Digital India.”
Applauding the partnership, Mr Sanjeev Moghe, EVP, Head Cards & Payments, Axis Bank commented, “Axis Bank constantly endeavours to offer customers unique solutions specifically designed to cater to their changing needs, deliver greater convenience and more benefits. The co-branded card will offer exclusive rewards that will appeal to customers across India. Our long-standing partnership with IndianOil on the acquiring business now gets further propelled with the launch of this card, where we come together to offer a best-in-class value proposition for our customers.”