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October 26, 2020

BPCL taps Fino Payments Bank to digitise cash for prepaid fleet cardholders

India-based fuel outlet Bharat Petroleum (BPCL) has reportedly partnered with Fino Payments Bank for recharging truck drivers’ fleet cards.

Through this partnership, truck drivers in the country can now recharge their BPCL Smartfleet Cards, which are used for fuel payments.

They can recharge their fleet cards by paying the amount in cash at Fino Payment Bank’s touchpoints, The Hindu BusinessLine report added.

The prepaid fleet cards recharged with digitised cash can then be used for making fuel payments at BPCL outlets in South India.

Fino Payments Bank South India senior divisional head Biswajeet Sinha said that the “cash digitisation through cash management is one of the key services offered by the bank to partners that have huge cash flow.”

“We would be providing this service across all the 700+BPCL outlets across Tamil Nadu.”

BPCL fleet sales officer S Sruti said that the “SmartFleet programme was the first-of-its-kind initiative in the country aimed at helping transporters manage their funds effectively. More than 4.5 lakh transporters across the State are using Smartfleet till date.”

BPCL sources anticipate recording more than INR3.5m ($47,390) in daily fleet card recharges at the bank’s touchpoints.

Fino Payments Bank also has a network of over 5,000 small business owners like kirana, mobile repair, dairy outlets, in addition to BPCL outlets, in the state of Tamil Nadu, India.

Fino has managed over INR180bn ($2.43bn) in transactions since the beginning of FY2020-21.

The cash management services represent over 50% of transactions from this amount, the Business Line report added.

  1. News
  2. Company news
October 26, 2020

BPCL taps Fino Payments Bank to digitise cash for prepaid fleet cardholders

India-based fuel outlet Bharat Petroleum (BPCL) has reportedly partnered with Fino Payments Bank for recharging truck drivers’ fleet cards.

Through this partnership, truck drivers in the country can now recharge their BPCL Smartfleet Cards, which are used for fuel payments.

They can recharge their fleet cards by paying the amount in cash at Fino Payment Bank’s touchpoints, The Hindu BusinessLine report added.

The prepaid fleet cards recharged with digitised cash can then be used for making fuel payments at BPCL outlets in South India.

Fino Payments Bank South India senior divisional head Biswajeet Sinha said that the “cash digitisation through cash management is one of the key services offered by the bank to partners that have huge cash flow.”

“We would be providing this service across all the 700+BPCL outlets across Tamil Nadu.”

BPCL fleet sales officer S Sruti said that the “SmartFleet programme was the first-of-its-kind initiative in the country aimed at helping transporters manage their funds effectively. More than 4.5 lakh transporters across the State are using Smartfleet till date.”

BPCL sources anticipate recording more than INR3.5m ($47,390) in daily fleet card recharges at the bank’s touchpoints.

Fino Payments Bank also has a network of over 5,000 small business owners like kirana, mobile repair, dairy outlets, in addition to BPCL outlets, in the state of Tamil Nadu, India.

Fino has managed over INR180bn ($2.43bn) in transactions since the beginning of FY2020-21.

The cash management services represent over 50% of transactions from this amount, the Business Line report added.

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