Mumbai, India – June 10, 2015
Mumbai, June 2015: CMS Info Systems, India’s leading Cash Management and Payments Solutions Company has signed a deal with the Department of Post to personalize over 15 million debit cards for India Post savings account holders. The deal, valued at INR 30 crores, 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 personalized 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 personalized 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 Personalization, CMS is proud to be associated with initiatives that help make financial services more accessible across India. In addition to financial cards, CMS also personalizes 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 personalized 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.
CMS is a pioneer in card personalization in India, customizing more than 25 million financial cards each year at its state of the art bureau in Mumbai. The company was a pioneer in deploying the latest technologies in card personalization, that included a state-of-the-art Visa, Master Card and Rupay certified card personalization bureau for EMV & magnetic stripe cards. One of its most recent innovations has been a new technology solution which enables banks and financial card issuers to instantly issue a customized banking card, thus enabling their customers to walk in and out of a bank branch with a credit or debit card, within an hour. CMS has been in the EMV card issuance business since 2004 and was responsible for successfully launching the first MasterCard MCHIP credit card.
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% of all cash in circulation in India, CMS is uniquely positioned as the company that literally serves as the ‘circulation system’ of the country’s economy. Clients include all the leading banks in the country, along with financial institutions like LIC and top retail chains.